Packaging Corporation of America (NYSE:PKG) shares traded -0.87% lower at $129.77 on Wall Street last session.
PKG stock price is now -1.01% away from the 50-day moving average and -5.93% away from the 200-day moving average. The market capitalization of the company currently stands at $12.06B.
With the price target reduced from $146 to $139, BofA Securities Downgraded its rating from Buy to Neutral for Packaging Corporation of America (NYSE: PKG). On October 18, 2022, Deutsche Bank Downgraded its previous ‘Hold’ rating to ‘Sell’ on the stock reducing its target price from $144 to quote $104, while ‘Jefferies’ rates the stock as ‘Underperform’.
In other news, Mundy Robert P., EVP & CFO sold 13,800 shares of the company’s stock on Jun 06. The stock was sold for $2,212,107 at an average price of $160.30. Upon completion of the transaction, the EVP & CFO now directly owns 38,799 shares in the company, valued at $5.03 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 25, Director Harman Donna A. bought 500 shares of the business’s stock. A total of $76,604 was incurred on buying the stock at an average price of $153.21. This leaves the insider owning 2,725 shares of the company worth $0.35 million. Insiders disposed of 107,106 shares of company stock worth roughly $13.9 million over the past 1 year. A total of 1.00% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PKG stock. A new stake in Packaging Corporation of America shares was purchased by ATLAS FRM LLC during the first quarter worth $55,801,000. T. ROWE PRICE INVESTMENT MANAGEMENT, INC. invested $26,958,000 in shares of PKG during the first quarter. In the first quarter, ADAGE CAPITAL PARTNERS GP, L.L.C. acquired a new stake in Packaging Corporation of America valued at approximately $12,393,000. BROOKFIELD CORP /ON/ acquired a new stake in PKG for approximately $9,006,000. WEISS ASSET MANAGEMENT LP purchased a new stake in PKG valued at around $7,180,000 in the second quarter. In total, there are 944 active investors with 97.50% ownership of the company’s stock.
Packaging Corporation of America (NYSE: PKG) opened at $130.49 on Thursday. During the past 12 months, Packaging Corporation of America has had a low of $110.56 and a high of $168.50. As of last week, the company has a debt-to-equity ratio of 0.63, a current ratio of 3.00, and a quick ratio of 2.00. The fifty day moving average price for PKG is $131.21 and a two-hundred day moving average price translates $137.82 for the stock.
The latest earnings results from Packaging Corporation of America (NYSE: PKG) was released for Sep, 2022. According to the Packaging & Containers Company, earnings per share came in at $2.83, beating analysts’ expectations of $2.81 by 0.02. This compares to $2.65 EPS in the same period last year. The net profit margin was 12.00% and return on equity was 26.80% for PKG. The company reported revenue of $2.13 billion for the quarter, compared to $2.0 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 6.29 percent. For the current quarter, analysts expect PKG to generate $2.04B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 01/13/2023. Investors who held shares on 12/19/2022 were paid a $1.25 dividend. On an annualized basis, this represents a $5.00 dividend and a 3.85% percent yield. There was an ex-dividend date of 12/16/2022 for this dividend. In terms of dividend payout ratio, PKG is presently at 38.50%.
Packaging Corporation of America(PKG) Company Profile
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. This segment sells its corrugated products through a direct sales and marketing organization, independent brokers, and distribution partners. The Paper segment manufactures and sells commodity and specialty papers, as well as communication papers, including cut-size office papers, and printing and converting papers. This segment sells white papers through its sales and marketing organization. Packaging Corporation of America was founded in 1867 and is headquartered in Lake Forest, Illinois.