Packaging Corp. of America (PKG) Releases Quarterly Earnings, Beats Expectations By $0.02 EPS
Packaging Corp. of America (NYSE:PKG) announced its earnings results on Tuesday. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.02, AmericanBankingNews.com reports. The company had revenue of $842.40 million for the quarter, compared to the consensus estimate of $830.70 million. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was up 16.8% on a year-over-year basis.
A number of analysts have recently weighed in on PKG shares. Analysts at Bank of America Corp. reiterated a “buy” rating on shares of Packaging Corp. of America in a research note to investors on Tuesday, September 17th. They now have a $66.00 price target on the stock, up previously from $61.00. On the ratings front, analysts at Jefferies Group cut their price target on shares of Packaging Corp. of America to $68.00 in a research note to investors on Tuesday, September 17th. They now have a “hold” rating on the stock. Finally, analysts at Jefferies Group upgraded shares of Packaging Corp. of America from a “hold” rating to a “buy” rating in a research note to investors on Monday, September 16th. They now have a $70.00 price target on the stock, up previously from $49.00. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $55.57.
Packaging Corp. of America (NYSE:PKG) opened at 58.52 on Tuesday. Packaging Corp. of America has a 52-week low of $33.89 and a 52-week high of $61.32. The stock has a 50-day moving average of $56.43 and a 200-day moving average of $51.31. The company has a market cap of $5.663 billion and a price-to-earnings ratio of 24.94.
Packaging Corporation of America is a producer of containerboard in the United States. The Company’s corrugated products manufacturing plants produce a variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays.
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