Packaging Corp. of America Rating Reiterated by Jefferies Group (PKG)
Packaging Corp. of America (NYSE:PKG)‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group in a report issued on Wednesday, Analyst Ratings Network.com reports.
The analysts wrote, “PKG continues to execute at a high level and volumes remain strong. The BZ transaction should close by October 25th, and based on the PF financials the company released today, the transaction is more accretive than we initially expected, driven by lower interest expense with the company refinancing Boise’s high cost debt.”
Packaging Corp. of America (NYSE:PKG) traded up 0.59% during mid-day trading on Wednesday, hitting $58.22. 210,225 shares of the company’s stock traded hands. 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 $56.53 and a 200-day moving average of $51.35. The company has a market cap of $5.634 billion and a P/E ratio of 25.06.
Packaging Corp. of America (NYSE:PKG) last released its earnings data on Tuesday, October 15th. The company reported $0.91 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.89 by $0.02. 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. On average, analysts predict that Packaging Corp. of America will post $3.05 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. 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. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Packaging Corp. of America in a research note to investors on Wednesday, September 11th. They set a “market perform” rating on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Packaging Corp. of America from $44.00 to $47.00 in a research note to investors on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $53.50.
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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