Seaport Res Ptn Has Strong Outlook for PKG FY2024 Earnings

Packaging Co. of America (NYSE:PKG) – Investment analysts at Seaport Res Ptn increased their FY2024 earnings per share (EPS) estimates for Packaging Co. of America in a report released on Wednesday, October 23rd. Seaport Res Ptn analyst M. Weintraub now anticipates that the industrial products company will earn $9.10 per share for the year, up from their previous forecast of $8.85. The consensus estimate for Packaging Co. of America’s current full-year earnings is $8.77 per share. Seaport Res Ptn also issued estimates for Packaging Co. of America’s Q4 2024 earnings at $2.53 EPS and FY2025 earnings at $11.50 EPS.

A number of other research firms also recently commented on PKG. Truist Financial restated a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday. Citigroup increased their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised their price target on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $221.60.

Packaging Co. of America Stock Performance

Shares of PKG opened at $227.51 on Friday. The stock has a market capitalization of $20.43 billion, a price-to-earnings ratio of 26.52, a PEG ratio of 4.24 and a beta of 0.77. Packaging Co. of America has a 12 month low of $147.25 and a 12 month high of $231.30. The firm has a fifty day simple moving average of $211.45 and a 200 day simple moving average of $193.93. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.05 EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PKG. CANADA LIFE ASSURANCE Co boosted its position in Packaging Co. of America by 4.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after purchasing an additional 3,078 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in Packaging Co. of America by 30.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock valued at $17,168,000 after buying an additional 21,143 shares during the last quarter. Summit Financial Strategies Inc. raised its holdings in Packaging Co. of America by 5.5% in the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock valued at $42,809,000 after acquiring an additional 12,129 shares during the period. DekaBank Deutsche Girozentrale lifted its position in Packaging Co. of America by 6.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock worth $41,839,000 after acquiring an additional 14,277 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of Packaging Co. of America by 10.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock worth $20,678,000 after acquiring an additional 10,516 shares during the period. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were given a $1.25 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.20%. Packaging Co. of America’s payout ratio is 58.28%.

Packaging Co. of America Company Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. 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.