Zacks Research Comments on Packaging Co. of America’s Q2 2024 Earnings (NYSE:PKG)

Packaging Co. of America (NYSE:PKG) – Zacks Research upped their Q2 2024 earnings estimates for Packaging Co. of America in a note issued to investors on Monday, May 6th. Zacks Research analyst S. Deb now forecasts that the industrial products company will earn $2.07 per share for the quarter, up from their prior estimate of $1.94. The consensus estimate for Packaging Co. of America’s current full-year earnings is $8.21 per share. Zacks Research also issued estimates for Packaging Co. of America’s Q3 2024 earnings at $2.19 EPS, Q4 2024 earnings at $2.09 EPS, FY2024 earnings at $8.08 EPS, Q1 2025 earnings at $2.01 EPS, Q2 2025 earnings at $2.25 EPS, Q3 2025 earnings at $2.26 EPS, Q4 2025 earnings at $2.25 EPS, FY2025 earnings at $8.77 EPS and FY2026 earnings at $9.71 EPS.

A number of other research firms also recently issued reports on PKG. Wells Fargo & Company raised Packaging Co. of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $187.00 to $191.00 in a research report on Wednesday, April 24th. BNP Paribas downgraded shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 target price on the stock. in a research report on Friday, April 12th. Bank of America raised shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $172.00 to $202.00 in a research report on Monday, March 4th. Citigroup cut their price objective on shares of Packaging Co. of America from $183.00 to $181.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Finally, StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $173.57.

Packaging Co. of America Stock Up 1.7 %

Shares of NYSE:PKG opened at $179.15 on Wednesday. The company has a quick ratio of 1.77, a current ratio of 2.57 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $182.41 and its 200 day moving average is $169.64. The stock has a market cap of $16.08 billion, a P/E ratio of 22.39, a price-to-earnings-growth ratio of 4.29 and a beta of 0.80. Packaging Co. of America has a 52-week low of $122.20 and a 52-week high of $191.27.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.09. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.94%. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the firm earned $2.20 EPS. The company’s revenue for the quarter was up .2% compared to the same quarter last year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were paid a $1.25 dividend. The ex-dividend date was Thursday, March 14th. This represents a $5.00 annualized dividend and a yield of 2.79%. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

Insiders Place Their Bets

In other news, CFO Robert P. Mundy sold 10,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the sale, the chief financial officer now owns 46,454 shares in the company, valued at approximately $8,478,319.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 14,191 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the sale, the vice president now owns 183,930 shares of the company’s stock, valued at approximately $31,967,034. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert P. Mundy sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the transaction, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at approximately $8,478,319.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,041 shares of company stock valued at $6,799,177. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Packaging Co. of America

A number of large investors have recently made changes to their positions in PKG. Raymond James & Associates raised its stake in shares of Packaging Co. of America by 16.4% in the third quarter. Raymond James & Associates now owns 159,277 shares of the industrial products company’s stock worth $24,457,000 after purchasing an additional 22,493 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Packaging Co. of America by 29.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,160 shares of the industrial products company’s stock worth $4,478,000 after buying an additional 6,675 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Packaging Co. of America by 16.7% during the 3rd quarter. Mackenzie Financial Corp now owns 20,733 shares of the industrial products company’s stock valued at $3,145,000 after acquiring an additional 2,974 shares during the period. Strs Ohio boosted its holdings in shares of Packaging Co. of America by 7.7% in the 3rd quarter. Strs Ohio now owns 38,210 shares of the industrial products company’s stock valued at $5,867,000 after acquiring an additional 2,747 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its stake in shares of Packaging Co. of America by 3.0% in the third quarter. IFM Investors Pty Ltd now owns 19,068 shares of the industrial products company’s stock worth $2,928,000 after acquiring an additional 554 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.

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.