Packaging Co. of America (NYSE:PKG) Sets New 12-Month High – Here’s What Happened

Packaging Co. of America (NYSE:PKG) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $248.00 and last traded at $248.00, with a volume of 5550 shares changing hands. The stock had previously closed at $232.61.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Citigroup upped their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Wells Fargo & Company lifted their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Truist Financial reissued a “buy” rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $221.60.

Packaging Co. of America Stock Performance

The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The stock has a 50 day moving average price of $217.31 and a two-hundred day moving average price of $197.25. The company has a market cap of $21.62 billion, a price-to-earnings ratio of 28.07, a P/E/G ratio of 3.42 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The company’s revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.05 earnings per share. Analysts predict that Packaging Co. of America will post 9 EPS for the current year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were given a dividend of $1.25 per share. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.08%. Packaging Co. of America’s dividend payout ratio is 58.28%.

Institutional Investors Weigh In On Packaging Co. of America

Hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. raised its holdings in Packaging Co. of America by 1.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock worth $520,920,000 after buying an additional 41,903 shares during the period. Boston Partners raised its holdings in shares of Packaging Co. of America by 49.3% during the first quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock worth $274,421,000 after acquiring an additional 477,487 shares during the period. Dimensional Fund Advisors LP lifted its position in Packaging Co. of America by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock valued at $210,636,000 after acquiring an additional 86,005 shares in the last quarter. Millennium Management LLC boosted its stake in Packaging Co. of America by 34.3% in the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after purchasing an additional 262,315 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Packaging Co. of America by 5.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 869,341 shares of the industrial products company’s stock worth $164,985,000 after purchasing an additional 42,465 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Company Profile

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.