Packaging Co. of America (NYSE:PKG) Issues Q2 Earnings Guidance

Packaging Co. of America (NYSE:PKG) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $2.07 for the period, compared to the consensus estimate of $2.22. Packaging Co. of America also updated its Q2 2024 guidance to 2.070-2.070 EPS.

Packaging Co. of America Stock Up 0.7 %

Packaging Co. of America stock traded up $1.20 during midday trading on Wednesday, hitting $172.08. 162,797 shares of the stock were exchanged, compared to its average volume of 691,816. Packaging Co. of America has a 1 year low of $122.20 and a 1 year high of $191.27. The firm has a market cap of $15.44 billion, a P/E ratio of 21.36, a P/E/G ratio of 4.35 and a beta of 0.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.57 and a quick ratio of 1.77. The company has a 50 day moving average price of $181.56 and a two-hundred day moving average price of $168.02.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.63 by $0.09. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.91 billion. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.94%. The company’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the business posted $2.20 EPS. On average, sell-side analysts predict that Packaging Co. of America will post 8.24 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were given a $1.25 dividend. The ex-dividend date was Thursday, March 14th. This represents a $5.00 dividend on an annualized basis and a yield of 2.91%. Packaging Co. of America’s payout ratio is 62.50%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PKG shares. 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 research note on Thursday, January 4th. Wells Fargo & Company upgraded shares of Packaging Co. of America from an equal weight rating to an overweight rating and raised their target price for the company from $187.00 to $191.00 in a research note on Wednesday. Seaport Res Ptn lowered shares of Packaging Co. of America from a buy rating to a neutral rating in a research note on Monday, January 29th. Citigroup raised 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 research note on Thursday, April 4th. Finally, Bank of America upgraded shares of Packaging Co. of America from a neutral rating to a buy rating and raised their target price for the company from $172.00 to $202.00 in a research note on Monday, March 4th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Packaging Co. of America currently has a consensus rating of Hold and an average price target of $173.86.

Insider Buying and Selling at Packaging Co. of America

In other Packaging Co. of America news, CFO Robert P. Mundy sold 10,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the sale, the chief financial officer now owns 46,454 shares in the company, valued at approximately $8,478,319.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Robert P. Mundy sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total value of $1,825,100.00. Following the transaction, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at approximately $8,478,319.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas A. Hassfurther sold 13,850 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 187,647 shares in the company, valued at $33,975,365.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,041 shares of company stock worth $6,799,177. 1.70% of the stock is owned by corporate 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 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.