Packaging Co. of America (NYSE:PKG) Upgraded by StockNews.com to Buy Rating

Packaging Co. of America (NYSE:PKG) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other brokerages have also recently commented on PKG. Citigroup upped their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Truist Financial reiterated a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Price Performance

NYSE PKG opened at $238.21 on Friday. The stock has a market capitalization of $21.39 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 3.35 and a beta of 0.77. Packaging Co. of America has a 1-year low of $159.57 and a 1-year high of $250.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The business’s fifty day moving average price is $233.62 and its 200-day moving average price is $208.74.

Packaging Co. of America (NYSE:PKG) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the firm posted $2.05 earnings per share. On average, equities analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Joseph Vaughn sold 2,300 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total value of $563,247.00. Following the transaction, the senior vice president now directly owns 9,197 shares of the company’s stock, valued at approximately $2,252,253.33. The trade was a 20.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the sale, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at approximately $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,300 shares of company stock worth $8,064,152. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Packaging Co. of America

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Central Pacific Bank Trust Division purchased a new position in Packaging Co. of America during the 3rd quarter valued at approximately $32,000. Larson Financial Group LLC increased its position in Packaging Co. of America by 234.7% in the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 115 shares during the last quarter. Asset Dedication LLC raised its stake in Packaging Co. of America by 200.0% during the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 112 shares in the last quarter. Tortoise Investment Management LLC bought a new position in Packaging Co. of America during the second quarter valued at $33,000. Finally, Assetmark Inc. grew its stake in shares of Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after buying an additional 83 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Company Profile

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.