Packaging Co. of America (NYSE:PKG) Price Target Lowered to $144.00 at Citigroup

Packaging Co. of America (NYSE:PKGGet Rating) had its price target reduced by Citigroup from $163.00 to $144.00 in a research note issued to investors on Tuesday, The Fly reports. Citigroup’s price target would indicate a potential upside of 3.09% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. StockNews.com initiated coverage on shares of Packaging Co. of America in a report on Thursday, March 31st. They set a “buy” rating on the stock. Wells Fargo & Company boosted their target price on shares of Packaging Co. of America from $154.00 to $162.00 in a research note on Thursday, April 28th. Argus boosted their target price on shares of Packaging Co. of America from $160.00 to $176.00 in a research note on Friday, April 29th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Packaging Co. of America from $141.00 to $158.00 and gave the company a “hold” rating in a research note on Monday, April 18th. Finally, Truist Financial boosted their price target on shares of Packaging Co. of America from $170.00 to $182.00 in a research report on Wednesday, April 27th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $161.86.

Shares of NYSE PKG opened at $139.68 on Tuesday. The stock has a market capitalization of $13.09 billion, a P/E ratio of 14.28, a P/E/G ratio of 2.40 and a beta of 0.76. The company has a 50-day moving average price of $157.11 and a 200-day moving average price of $148.42. Packaging Co. of America has a 1 year low of $124.78 and a 1 year high of $168.50. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.96 and a quick ratio of 1.99.

Packaging Co. of America (NYSE:PKGGet Rating) last released its quarterly earnings results on Monday, April 25th. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.19. Packaging Co. of America had a net margin of 11.50% and a return on equity of 27.11%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the previous year, the company earned $1.77 earnings per share. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Packaging Co. of America will post 11.66 earnings per share for the current fiscal year.

In other Packaging Co. of America news, EVP Charles J. Carter sold 7,347 shares of the stock in a transaction on Wednesday, April 27th. The shares were sold at an average price of $163.00, for a total transaction of $1,197,561.00. Following the completion of the sale, the executive vice president now owns 23,996 shares of the company’s stock, valued at approximately $3,911,348. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert P. Mundy sold 13,800 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $160.30, for a total transaction of $2,212,140.00. Following the completion of the transaction, the chief financial officer now owns 38,799 shares of the company’s stock, valued at $6,219,479.70. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of PKG. Bank of America Corp DE increased its stake in Packaging Co. of America by 9.0% during the 1st quarter. Bank of America Corp DE now owns 4,216,929 shares of the industrial products company’s stock valued at $658,306,000 after purchasing an additional 346,910 shares in the last quarter. Verition Fund Management LLC raised its holdings in Packaging Co. of America by 17.8% in the 1st quarter. Verition Fund Management LLC now owns 3,032 shares of the industrial products company’s stock worth $473,000 after purchasing an additional 459 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Packaging Co. of America during the first quarter valued at about $2,033,000. Kestra Private Wealth Services LLC bought a new stake in Packaging Co. of America during the first quarter valued at about $212,000. Finally, Sawtooth Solutions LLC purchased a new position in shares of Packaging Co. of America during the first quarter valued at about $343,000. Institutional investors own 91.01% of the company’s stock.

About Packaging Co. of America (Get Rating)

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. 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.

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