Packaging Co. of America (NYSE:PKG) Issues Quarterly Earnings Results

Packaging Co. of America (NYSE:PKG) released its earnings results on Tuesday. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.06, Briefing.com reports. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.02 billion. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.39%. The company’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.31 EPS. Packaging Co. of America updated its Q3 guidance to $2.45 EPS and its Q3 2024 guidance to 2.450-2.450 EPS.

Packaging Co. of America Stock Up 0.5 %

NYSE PKG traded up $0.96 during trading hours on Thursday, reaching $194.24. 659,351 shares of the company’s stock were exchanged, compared to its average volume of 630,198. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.74 and a current ratio of 2.46. The company has a market capitalization of $17.44 billion, a price-to-earnings ratio of 24.34, a price-to-earnings-growth ratio of 5.11 and a beta of 0.77. The company’s 50-day moving average is $184.06 and its two-hundred day moving average is $179.02. Packaging Co. of America has a one year low of $143.82 and a one year high of $199.00.

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, June 14th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 62.50%.

Analyst Ratings Changes

PKG has been the topic of a number of recent research reports. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday. Citigroup raised their price target on Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. Wells Fargo & Company increased their target price on Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday. Truist Financial boosted their target price on Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, BNP Paribas downgraded shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price target on the stock. in a research report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $190.50.

Insiders Place Their Bets

In related news, Director Karen E. Gowland purchased 300 shares of Packaging Co. of America stock in a transaction dated Wednesday, May 15th. The stock was bought at an average price of $182.06 per share, for a total transaction of $54,618.00. Following the completion of the acquisition, the director now directly owns 916 shares of the company’s stock, valued at $166,766.96. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Packaging Co. of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Register Financial Advisors LLC acquired a new stake in shares of Packaging Co. of America in the 1st quarter valued at about $25,000. Neo Ivy Capital Management acquired a new stake in Packaging Co. of America in the 4th quarter valued at approximately $28,000. First Horizon Advisors Inc. raised its position in Packaging Co. of America by 60.5% in the 4th quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock valued at $30,000 after buying an additional 69 shares during the last quarter. Gables Capital Management Inc. bought a new stake in Packaging Co. of America in the 4th quarter valued at approximately $31,000. Finally, Headlands Technologies LLC acquired a new position in Packaging Co. of America during the 1st quarter worth approximately $43,000. 89.78% of the stock is owned by institutional investors and hedge funds.

About Packaging Co. of America

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.