Goldman Sachs Group Inc. Initiates Coverage on Packaging Corp. of America (PKG)
Analysts at Goldman Sachs Group Inc. initiated coverage on shares of Packaging Corp. of America (NYSE:PKG) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a “sell” rating on the stock.
Several other equities research analysts have also recently weighed in on PKG. Argus reiterated a “buy” rating and issued a $84.00 price objective (up previously from $79.00) on shares of Packaging Corp. of America in a report on Friday, September 2nd. Barclays PLC raised their target price on Packaging Corp. of America from $71.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, July 25th. Deutsche Bank AG cut Packaging Corp. of America from a “buy” rating to a “hold” rating and raised their target price for the company from $73.00 to $75.00 in a research note on Friday, July 22nd. Zacks Investment Research upgraded Packaging Corp. of America from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research note on Tuesday, June 14th. Finally, Jefferies Group restated a “buy” rating on shares of Packaging Corp. of America in a research note on Tuesday, August 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $77.50.
Packaging Corp. of America (NYSE:PKG) opened at 81.66 on Thursday. The firm has a 50-day moving average price of $78.09 and a 200-day moving average price of $68.53. The company has a market cap of $7.62 billion, a P/E ratio of 17.35 and a beta of 1.71. Packaging Corp. of America has a 52 week low of $44.32 and a 52 week high of $82.06.
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Packaging Corp. of America (NYSE:PKG) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.07. Packaging Corp. of America had a return on equity of 27.74% and a net margin of 7.95%. The business earned $1.42 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the business posted $1.18 EPS. The business’s revenue was down 2.5% on a year-over-year basis. Equities research analysts anticipate that Packaging Corp. of America will post $4.81 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be issued a $0.63 dividend. This is a positive change from Packaging Corp. of America’s previous quarterly dividend of $0.55. The ex-dividend date is Tuesday, September 13th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.09%. Packaging Corp. of America’s dividend payout ratio (DPR) is presently 53.62%.
In other Packaging Corp. of America news, SVP Kent A. Pflederer sold 1,100 shares of Packaging Corp. of America stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $74.30, for a total value of $81,730.00. Following the completion of the sale, the senior vice president now owns 34,623 shares of the company’s stock, valued at approximately $2,572,488.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of PKG. Seven Eight Capital LLC acquired a new stake in Packaging Corp. of America during the second quarter worth approximately $120,000. Ropes Wealth Advisors LLC raised its stake in Packaging Corp. of America by 1,338.0% in the first quarter. Ropes Wealth Advisors LLC now owns 2,042 shares of the company’s stock worth $123,000 after buying an additional 1,900 shares during the last quarter. Barnett & Company Inc. acquired a new stake in Packaging Corp. of America during the first quarter worth approximately $131,000. IFP Advisors Inc raised its stake in Packaging Corp. of America by 10.6% in the first quarter. IFP Advisors Inc now owns 2,741 shares of the company’s stock worth $166,000 after buying an additional 263 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Packaging Corp. of America by 13.6% in the second quarter. Van ECK Associates Corp now owns 2,528 shares of the company’s stock worth $169,000 after buying an additional 302 shares during the last quarter. 86.87% of the stock is owned by institutional investors and hedge funds.
About Packaging Corp. of America
Packaging Corporation of America (PCA) is a producer of containerboard and corrugated packaging products, and uncoated free sheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Company operates over eight mills and approximately 90 corrugated products manufacturing plants.
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