Packaging Co. of America (NYSE:PKG) Issues Earnings Results

Packaging Co. of America (NYSE:PKG) released its earnings results on Monday. The industrial products company reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.09, Briefing.com reports. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Packaging Co. of America had a net margin of 9.81% and a return on equity of 20.25%. The company’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the company earned $2.20 earnings per share. Packaging Co. of America updated its Q2 guidance to $2.07 EPS and its Q2 2024 guidance to 2.070-2.070 EPS.

Packaging Co. of America Stock Performance

NYSE PKG traded down $0.60 during trading hours on Monday, hitting $179.29. 664,814 shares of the company’s stock traded hands, compared to its average volume of 689,025. The business’s fifty day moving average price is $181.22 and its two-hundred day moving average price is $167.69. The company has a current ratio of 2.57, a quick ratio of 1.77 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $16.09 billion, a P/E ratio of 21.22, a P/E/G ratio of 4.33 and a beta of 0.78. Packaging Co. of America has a 52 week low of $122.20 and a 52 week high of $191.27.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 15th were given a dividend of $1.25 per share. The ex-dividend date of this dividend 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 58.96%.

Wall Street Analyst Weigh In

PKG has been the topic of a number of research analyst reports. Truist Financial increased their price target on shares of Packaging Co. of America from $170.00 to $187.00 and gave the stock a “buy” rating in a report on Thursday, January 4th. Citigroup increased their target price on shares of Packaging Co. of America from $172.00 to $183.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Friday. Bank of America raised shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $172.00 to $202.00 in a research report on Monday, March 4th. Finally, Seaport Res Ptn cut shares of Packaging Co. of America from a “buy” rating to a “neutral” rating in a research report on Monday, January 29th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Packaging Co. of America currently has an average rating of “Hold” and an average price target of $171.29.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 14,191 shares of Packaging Co. of America 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 transaction, the vice president now owns 183,930 shares of the company’s stock, valued at $31,967,034. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 13,850 shares of Packaging Co. of America stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the transaction, the vice president now owns 187,647 shares of the company’s stock, valued at $33,975,365.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas A. Hassfurther sold 14,191 shares of Packaging Co. of America 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 transaction, the vice president now directly owns 183,930 shares in the company, valued at approximately $31,967,034. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,041 shares of company stock worth $6,799,177. 1.70% of the stock is owned by company insiders.

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.