Packaging Co. of America Expected to Post FY2023 Earnings of $10.30 Per Share (NYSE:PKG)

Packaging Co. of America (NYSE:PKG – Get Rating) – Equities research analysts at Seaport Res Ptn issued their FY2023 earnings estimates for Packaging Co. of America in a report released on Monday, August 1st. Seaport Res Ptn analyst M. Weintraub expects that the industrial products company will post earnings per share of $10.30 for the year. The consensus estimate for Packaging Co. of America’s current full-year earnings is $11.54 per share.

Packaging Co. of America (NYSE:PKG – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The industrial products company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.38. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.14 billion. Packaging Co. of America had a net margin of 12.13% and a return on equity of 29.35%. Packaging Co. of America’s revenue was up 19.0% compared to the same quarter last year. During the same period last year, the company posted $2.17 earnings per share.

PKG has been the topic of several other reports. Citigroup lifted their price objective on shares of Packaging Co. of America from $144.00 to $147.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Argus lifted their price target on shares of Packaging Co. of America from $160.00 to $176.00 in a report on Friday, April 29th. Wells Fargo & Company cut their price target on shares of Packaging Co. of America from $154.00 to $143.00 and set a “maintains” rating on the stock in a report on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Packaging Co. of America from $158.00 to $144.00 in a report on Tuesday, July 19th. Finally, Truist Financial cut their price target on shares of Packaging Co. of America to $175.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $156.57.

Packaging Co. of America Stock Performance

Shares of PKG stock opened at $139.15 on Wednesday. The firm has a market cap of $13.04 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 2.41 and a beta of 0.77. The company’s 50 day moving average is $143.99 and its 200 day moving average is $149.34. The company has a quick ratio of 1.99, a current ratio of 2.96 and a debt-to-equity ratio of 0.66. Packaging Co. of America has a 52-week low of $124.78 and a 52-week high of $168.50.

Packaging Co. of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Wednesday, June 15th were paid a dividend of $1.25 per share. This is an increase from Packaging Co. of America’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 3.59%. The ex-dividend date was Tuesday, June 14th. Packaging Co. of America’s payout ratio is presently 46.25%.

Insider Transactions at Packaging Co. of America

In other news, CFO Robert P. Mundy sold 13,800 shares of Packaging Co. of America stock in a transaction on Monday, June 6th. The shares were sold at an average price of $160.30, for a total transaction of $2,212,140.00. Following the completion of the sale, the chief financial officer now directly owns 38,799 shares in the company, valued at $6,219,479.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Robert P. Mundy sold 13,800 shares of the business’s stock in a transaction on Monday, June 6th. The shares were 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 directly owns 38,799 shares in the company, valued at $6,219,479.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donna A. Harman bought 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The shares were acquired at an average price of $153.21 per share, with a total value of $76,605.00. Following the completion of the transaction, the director now directly owns 2,725 shares of the company’s stock, valued at $417,497.25. The disclosure for this purchase can be found here. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Packaging Co. of America by 1.4% during the first quarter. Vanguard Group Inc. now owns 12,047,771 shares of the industrial products company’s stock valued at $1,880,777,000 after purchasing an additional 161,559 shares during the period. BlackRock Inc. raised its position in shares of Packaging Co. of America by 2.9% in the first quarter. BlackRock Inc. now owns 8,167,988 shares of the industrial products company’s stock worth $1,275,105,000 after acquiring an additional 233,142 shares during the period. Bank of America Corp DE raised its position in shares of Packaging Co. of America by 9.0% in the first quarter. Bank of America Corp DE now owns 4,216,929 shares of the industrial products company’s stock worth $658,306,000 after acquiring an additional 346,910 shares during the period. Victory Capital Management Inc. raised its position in shares of Packaging Co. of America by 11.8% in the first quarter. Victory Capital Management Inc. now owns 3,521,806 shares of the industrial products company’s stock worth $551,996,000 after acquiring an additional 370,435 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Packaging Co. of America by 28.5% in the fourth quarter. American Century Companies Inc. now owns 2,117,210 shares of the industrial products company’s stock worth $288,258,000 after acquiring an additional 469,501 shares during the period. 91.01% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Company Profile

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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.