Packaging Corp Of America Sees Strong Trading Volume After Earnings Beat (PKG)
Shares of Packaging Corp Of America (NYSE:PKG) saw strong trading volume on Monday following a stronger than expected earnings report, Analyst Ratings.Net reports. 881,421 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 820,155 shares.The stock last traded at $66.44 and had previously closed at $67.67.
The company reported $1.16 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.11 by $0.05. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 83.5% on a year-over-year basis.
Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Packaging Corp Of America in a research note on Thursday, April 24th. They now have a $85.00 price target on the stock. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $72.44.
The stock’s 50-day moving average is $69.89 and its 200-day moving average is $68.. The company has a market cap of $6.414 billion and a price-to-earnings ratio of 14.24.
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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