Packaging Corp Of America (PKG) Releases Quarterly Earnings Results
Packaging Corp Of America (NYSE:PKG) issued its quarterly earnings data on Tuesday. The company reported $1.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.00 by $0.08, ARN reports. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the company posted $0.62 earnings per share. Packaging Corp Of America’s revenue was up 89.5% compared to the same quarter last year. Packaging Corp Of America updated its Q2 guidance to ~$1.10 EPS.
PKG has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Packaging Corp Of America from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 15th. They now have a $77.10 price target on the stock. On the ratings front, analysts at Barclays raised their price target on shares of Packaging Corp Of America from $65.00 to $68.00 in a research note on Monday, April 14th. They now have an “equal weight” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Packaging Corp Of America in a research note on Friday, April 11th. They now have a $86.00 price target on the stock, up previously from $83.00. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $70.39.
Shares of Packaging Corp Of America (NYSE:PKG) traded up 0.41% on Tuesday, hitting $68.49. 879,606 shares of the company’s stock traded hands. Packaging Corp Of America has a one year low of $44.16 and a one year high of $75.10. The stock’s 50-day moving average is $70.52 and its 200-day moving average is $65.06. The company has a market cap of $6.624 billion and a price-to-earnings ratio of 15.26.
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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