Packaging Corporation of America (NYSE:PKG) Upgraded at Wall Street Zen

Packaging Corporation of America (NYSE:PKG) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently weighed in on the company. Citigroup raised their target price on Packaging Corporation of America from $253.00 to $262.00 and gave the company a “neutral” rating in a research note on Monday, October 26th. Wells Fargo & Company reduced their price objective on Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. UBS Group decreased their price target on shares of Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Bank of America decreased their price target on Packaging Corporation of America from $280.00 to $260.00 and set a “buy” rating for the company in a research note on Friday, September 11th. Finally, Weiss Ratings raised Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $275.43.

Packaging Corporation of America Trading Up 0.3%

Shares of Packaging Corporation of America stock opened at $249.51 on Friday. The firm has a market capitalization of $22.23 billion, a PE ratio of 30.73, a price-to-earnings-growth ratio of 1.95 and a beta of 0.76. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.94 and a quick ratio of 1.86. Packaging Corporation of America has a 52-week low of $191.50 and a 52-week high of $262.59. The company’s fifty day moving average price is $238.15 and its two-hundred day moving average price is $230.33.

Packaging Corporation of America (NYSE:PKG) last issued its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.11. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.61 billion. Packaging Corporation of America had a return on equity of 19.63% and a net margin of 7.40%. Packaging Corporation of America’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the business posted $2.73 earnings per share. On average, analysts expect that Packaging Corporation of America will post 10.56 EPS for the current year.

Insiders Place Their Bets

In related news, VP Donald Shirley sold 12,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the sale, the vice president directly owned 19,110 shares in the company, valued at $4,791,068.10. This represents a 38.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Packaging Corporation of America

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Packaging Corporation of America in the 2nd quarter worth about $1,837,506,000. Bank of New York Mellon Corp acquired a new position in shares of Packaging Corporation of America in the 2nd quarter valued at $748,095,000. Royal Bank of Canada increased its stake in shares of Packaging Corporation of America by 25.2% during the 1st quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock worth $492,990,000 after purchasing an additional 467,590 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Packaging Corporation of America during the second quarter worth about $379,568,000. Finally, Atlas FRM LLC acquired a new position in Packaging Corporation of America in the 2nd quarter worth about $365,164,100. 89.78% of the stock is currently owned by institutional investors.

About Packaging Corporation of America

Packaging Corporation of America (NYSE:PKG) is a manufacturer of corrugated packaging and containerboard products serving businesses primarily in the United States. Its products include shipping boxes, retail packaging, displays, protective packaging and specialty corrugated solutions used to transport and present a broad range of consumer and industrial goods.

The company also produces uncoated freesheet paper and related paper products for commercial printing, office use, publishing, converting and other applications.