Packaging Corporation of America (NYSE:PKG) Stock Price Target Raised at Citigroup

Packaging Corporation of America (NYSE:PKG) had its price target hoisted by equities research analysts at Citigroup from $253.00 to $262.00 in a report released on Monday, Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. Citigroup‘s target price points to a potential upside of 4.06% from the stock’s current price.

PKG has been the subject of a number of other research reports. UBS Group cut their price target on shares of Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating for the company in a report on Monday, October 5th. JPMorgan Chase & Co. increased their price target on shares of Packaging Corporation of America from $320.00 to $322.00 and gave the company an “overweight” rating in a research note on Friday. Bank of America cut their price target on Packaging Corporation of America from $280.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, September 11th. Weiss Ratings upgraded shares of Packaging Corporation of America from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 25th. Finally, Truist Financial reissued a “buy” rating and set a $294.00 price target (up from $280.00) on shares of Packaging Corporation of America in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $275.43.

Packaging Corporation of America Stock Performance

NYSE:PKG traded up $4.49 during mid-day trading on Monday, reaching $251.78. The company’s stock had a trading volume of 294,236 shares, compared to its average volume of 802,365. The firm’s fifty day moving average price is $237.01 and its two-hundred day moving average price is $231.08. The company has a current ratio of 2.94, a quick ratio of 1.86 and a debt-to-equity ratio of 0.85. The stock has a market cap of $22.43 billion, a P/E ratio of 31.00, a PEG ratio of 1.98 and a beta of 0.75. Packaging Corporation of America has a 12-month low of $191.50 and a 12-month high of $259.98.

Packaging Corporation of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.93 by $0.11. Packaging Corporation of America had a net margin of 7.40% and a return on equity of 19.63%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the business posted $2.73 earnings per share. Packaging Corporation of America’s quarterly revenue was up 12.5% on a year-over-year basis. On average, equities analysts forecast that Packaging Corporation of America will post 10.48 EPS for the current fiscal year.

Insider Activity

In other news, VP Donald R. Shirley sold 12,000 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $250.71, for a total value of $3,008,520.00. Following the completion of the transaction, the vice president owned 19,110 shares of the company’s stock, valued at $4,791,068.10. The trade was a 38.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Thomas A. Hassfurther sold 12,531 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $250.00, for a total value of $3,132,750.00. Following the transaction, the president owned 218,751 shares of the company’s stock, valued at approximately $54,687,750. This trade represents a 5.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,391 shares of company stock valued at $10,196,101 in the last three months. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Packaging Corporation of America in the second quarter worth about $1,837,506,000. Bank of New York Mellon Corp acquired a new position in Packaging Corporation of America in the second quarter valued at $748,095,000. Royal Bank of Canada boosted its position in Packaging Corporation of America by 25.2% during the first quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock valued at $492,990,000 after acquiring an additional 467,590 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Packaging Corporation of America in the 2nd quarter valued at about $379,568,000. Finally, Atlas FRM LLC acquired a new position in shares of Packaging Corporation of America during the 2nd quarter valued at $365,164,100. 89.78% of the stock is owned by institutional investors.

About Packaging Corporation of America

Packaging Corporation of America (NYSE:PKG) is a manufacturer of corrugated packaging and containerboard products serving businesses primarily in the United States. Its products include shipping boxes, retail packaging, displays, protective packaging and specialty corrugated solutions used to transport and present a broad range of consumer and industrial goods.

The company also produces uncoated freesheet paper and related paper products for commercial printing, office use, publishing, converting and other applications.