Research Analysts Issue Forecasts for Packaging Co. of America’s Q3 2024 Earnings (NYSE:PKG)

Packaging Co. of America (NYSE:PKG) – Stock analysts at Zacks Research increased their Q3 2024 earnings per share (EPS) estimates for shares of Packaging Co. of America in a note issued to investors on Tuesday, September 5th. Zacks Research analyst M. Das now anticipates that the industrial products company will post earnings of $1.91 per share for the quarter, up from their prior forecast of $1.90. The consensus estimate for Packaging Co. of America’s current full-year earnings is $8.15 per share. Zacks Research also issued estimates for Packaging Co. of America’s Q4 2024 earnings at $1.78 EPS and FY2024 earnings at $7.45 EPS.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.38. Packaging Co. of America had a return on equity of 23.30% and a net margin of 10.79%. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the previous year, the firm earned $3.23 EPS. The business’s quarterly revenue was down 12.7% on a year-over-year basis.

A number of other research analysts have also recently weighed in on PKG. Wells Fargo & Company lifted their price objective on Packaging Co. of America from $122.00 to $137.00 in a research report on Thursday, July 27th. Bank of America lowered their price target on Packaging Co. of America from $145.00 to $138.00 in a report on Monday, July 10th. StockNews.com began coverage on Packaging Co. of America in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Citigroup boosted their price target on Packaging Co. of America from $128.00 to $148.00 in a report on Thursday, July 27th. Finally, Truist Financial boosted their price target on Packaging Co. of America from $140.00 to $156.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $131.50.

Packaging Co. of America Stock Down 0.0 %

PKG stock opened at $144.75 on Thursday. Packaging Co. of America has a twelve month low of $110.56 and a twelve month high of $158.66. The company has a quick ratio of 2.10, a current ratio of 3.35 and a debt-to-equity ratio of 0.65. The stock has a market cap of $13.02 billion, a P/E ratio of 15.30, a PEG ratio of 3.57 and a beta of 0.91. The business’s 50-day moving average price is $144.20 and its 200-day moving average price is $137.58.

Hedge Funds Weigh In On Packaging Co. of America

Several hedge funds have recently bought and sold shares of the business. Portside Wealth Group LLC bought a new position in Packaging Co. of America in the 2nd quarter valued at $327,000. DT Investment Partners LLC grew its position in Packaging Co. of America by 0.9% in the 2nd quarter. DT Investment Partners LLC now owns 7,998 shares of the industrial products company’s stock valued at $1,057,000 after acquiring an additional 75 shares during the last quarter. Comerica Bank bought a new position in Packaging Co. of America in the 2nd quarter valued at $11,128,000. Imprint Wealth LLC purchased a new stake in shares of Packaging Co. of America in the 2nd quarter worth $2,802,000. Finally, Resources Management Corp CT ADV lifted its holdings in shares of Packaging Co. of America by 1,241.6% in the 2nd quarter. Resources Management Corp CT ADV now owns 17,186 shares of the industrial products company’s stock worth $2,271,000 after buying an additional 15,905 shares during the period. Institutional investors own 90.53% of the company’s stock.

Insiders Place Their Bets

In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 27,027 shares of Packaging Co. of America stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.80, for a total value of $4,021,617.60. Following the sale, the vice president now owns 198,121 shares of the company’s stock, valued at approximately $29,480,404.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Donald R. Shirley sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $156.14, for a total transaction of $780,700.00. Following the transaction, the senior vice president now owns 22,967 shares of the company’s stock, valued at approximately $3,586,067.38. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Thomas A. Hassfurther sold 27,027 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $148.80, for a total value of $4,021,617.60. Following the transaction, the vice president now directly owns 198,121 shares in the company, valued at approximately $29,480,404.80. The disclosure for this sale can be found here. Insiders have sold a total of 59,783 shares of company stock valued at $9,023,216 in the last quarter. 1.60% of the stock is currently owned by insiders.

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 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.