Packaging Corporation of America (PKG) To Go Ex-Dividend on September 14th
Packaging Corporation of America (NYSE:PKG) announced a quarterly dividend on Friday, August 25th, RTT News reports. Stockholders of record on Friday, September 15th will be given a dividend of 0.63 per share by the industrial products company on Friday, October 13th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Thursday, September 14th.
Packaging Corporation of America has increased its dividend by an average of 27.0% annually over the last three years and has increased its dividend every year for the last 6 years. Packaging Corporation of America has a payout ratio of 41.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Packaging Corporation of America to earn $6.76 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 37.3%.
Packaging Corporation of America (NYSE:PKG) traded down 1.72% during mid-day trading on Wednesday, hitting $116.23. The stock had a trading volume of 127,857 shares. The firm’s 50-day moving average is $110.14 and its 200 day moving average is $102.62. Packaging Corporation of America has a 12 month low of $78.03 and a 12 month high of $117.96. The company has a market cap of $10.89 billion, a price-to-earnings ratio of 22.39 and a beta of 1.86.
Packaging Corporation of America (NYSE:PKG) last posted its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.52 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.05. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period last year, the company earned $1.25 earnings per share. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. Equities analysts anticipate that Packaging Corporation of America will post $6.02 EPS for the current fiscal year.
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A number of equities analysts have recently commented on PKG shares. BidaskClub lowered Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $122.00 price target (up from $118.00) on shares of Packaging Corporation of America in a report on Tuesday, August 22nd. ValuEngine raised Packaging Corporation of America from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Wells Fargo & Company lowered Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) raised Packaging Corporation of America from a “sell” rating to a “neutral” rating and raised their price target for the stock from $105.00 to $111.00 in a report on Thursday, July 13th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Packaging Corporation of America presently has an average rating of “Hold” and an average price target of $107.90.
About Packaging Corporation 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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