Packaging Corp Of America (PKG) Receives “Buy” Rating from Jefferies Group LLC
Packaging Corp Of America (NYSE:PKG)‘s stock had its “buy” rating reaffirmed by stock analysts at Jefferies Group LLC in a note issued to investors on Saturday, April 29th. They presently have a $114.00 price objective on the industrial products company’s stock, up from their previous price objective of $107.00. Jefferies Group LLC’s price target suggests a potential upside of 14.90% from the stock’s current price.
A number of other equities research analysts have also recently weighed in on the stock. Citigroup Inc lifted their price target on shares of Packaging Corp Of America from $106.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, April 14th. Deutsche Bank AG lifted their price target on shares of Packaging Corp Of America from $91.00 to $94.00 and gave the company a “hold” rating in a research report on Tuesday, April 25th. Bank of America Corp reiterated a “buy” rating and set a $106.00 price target (up from $103.00) on shares of Packaging Corp Of America in a research report on Tuesday, February 21st. BMO Capital Markets upgraded shares of Packaging Corp Of America from a “market perform” rating to an “outperform” rating and set a $100.00 price target for the company in a research report on Wednesday, January 25th. Finally, Barclays PLC cut shares of Packaging Corp Of America from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $92.00 to $90.00 in a report on Monday, February 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Packaging Corp Of America presently has an average rating of “Hold” and an average price target of $95.17.
Packaging Corp Of America (NYSE:PKG) traded up 0.37% during mid-day trading on Friday, hitting $99.59. 235,359 shares of the stock were exchanged. The company’s 50-day moving average price is $96.04 and its 200 day moving average price is $90.68. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 20.32 and a beta of 1.84. Packaging Corp Of America has a 52 week low of $62.41 and a 52 week high of $103.17.
Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, April 26th. The industrial products company reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.03. Packaging Corp Of America had a net margin of 7.76% and a return on equity of 27.81%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the business earned $1.11 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. Equities research analysts expect that Packaging Corp Of America will post $5.93 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Thursday, June 15th will be given a dividend of $0.63 per share. The ex-dividend date is Tuesday, June 13th. This represents a $2.52 annualized dividend and a dividend yield of 2.54%. Packaging Corp Of America’s dividend payout ratio is presently 53.05%.
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A number of hedge funds have recently added to or reduced their stakes in PKG. Robecosam AG increased its stake in Packaging Corp Of America by 75.0% in the third quarter. Robecosam AG now owns 1,400 shares of the industrial products company’s stock valued at $112,000 after buying an additional 600 shares during the period. Advisory Services Network LLC acquired a new stake in Packaging Corp Of America during the first quarter valued at approximately $113,000. TrimTabs Asset Management LLC increased its stake in Packaging Corp Of America by 88.5% in the first quarter. TrimTabs Asset Management LLC now owns 1,295 shares of the industrial products company’s stock valued at $119,000 after buying an additional 608 shares during the period. Creative Planning increased its stake in Packaging Corp Of America by 44.9% in the first quarter. Creative Planning now owns 1,563 shares of the industrial products company’s stock valued at $143,000 after buying an additional 484 shares during the period. Finally, Bronfman E.L. Rothschild L.P. boosted its position in shares of Packaging Corp Of America by 12.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,150 shares of the industrial products company’s stock valued at $197,000 after buying an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 85.38% of the company’s stock.
About Packaging Corp Of America
Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers.
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