Packaging Co. of America (NYSE:PKG) Price Target Cut to $238.00 by Analysts at Truist Financial

Packaging Co. of America (NYSE:PKG) had its target price reduced by Truist Financial from $265.00 to $238.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other analysts have also weighed in on PKG. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Sunday, April 6th. Citigroup increased their price target on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Finally, Wells Fargo & Company cut their price objective on shares of Packaging Co. of America from $236.00 to $209.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $232.40.

Packaging Co. of America Price Performance

Shares of PKG stock opened at $186.29 on Tuesday. Packaging Co. of America has a twelve month low of $169.00 and a twelve month high of $250.82. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $197.60 and a two-hundred day simple moving average of $218.74. The stock has a market capitalization of $16.75 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 2.41 and a beta of 0.84.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.10. Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. On average, analysts predict that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th were issued a $1.25 dividend. The ex-dividend date was Friday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.68%. Packaging Co. of America’s dividend payout ratio is currently 55.99%.

Hedge Funds Weigh In On Packaging Co. of America

Several hedge funds have recently made changes to their positions in PKG. Fortitude Family Office LLC grew its stake in Packaging Co. of America by 150.8% during the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 98 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Packaging Co. of America in the 4th quarter worth approximately $44,000. Lazard Asset Management LLC raised its position in Packaging Co. of America by 1,033.3% during the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock worth $45,000 after buying an additional 186 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Packaging Co. of America in the 4th quarter valued at $48,000. Finally, Rialto Wealth Management LLC acquired a new stake in shares of Packaging Co. of America in the fourth quarter worth $63,000. 89.78% of the stock is owned by institutional investors and hedge funds.

About Packaging Co. of America

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.