Packaging Corp Of America (PKG) Downgraded by BMO Capital Markets to Market Perform

BMO Capital Markets lowered shares of Packaging Corp Of America (NYSE:PKG) from an outperform rating to a market perform rating in a report released on Tuesday, The Fly reports. BMO Capital Markets currently has $108.00 price target on the industrial products company’s stock, down from their prior price target of $130.00.

Several other research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Packaging Corp Of America from a hold rating to a sell rating in a report on Wednesday, September 26th. ValuEngine downgraded shares of Packaging Corp Of America from a hold rating to a sell rating in a report on Sunday, August 26th. Barclays cut their price objective on shares of Packaging Corp Of America from $125.00 to $120.00 and set an equal weight rating for the company in a report on Monday, July 30th. Citigroup raised their price objective on shares of Packaging Corp Of America from $121.00 to $124.00 and gave the stock a neutral rating in a report on Monday, July 30th. Finally, Wells Fargo & Co cut their price objective on shares of Packaging Corp Of America from $150.00 to $140.00 and set a market perform rating for the company in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $125.50.

PKG opened at $88.05 on Tuesday. The company has a market capitalization of $10.37 billion, a P/E ratio of 14.76, a price-to-earnings-growth ratio of 1.67 and a beta of 1.77. Packaging Corp Of America has a 12 month low of $86.98 and a 12 month high of $131.13. The company has a quick ratio of 1.67, a current ratio of 2.73 and a debt-to-equity ratio of 1.05.

Packaging Corp Of America (NYSE:PKG) last released its quarterly earnings data on Wednesday, July 25th. The industrial products company reported $2.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.11. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.72 billion. Packaging Corp Of America had a net margin of 10.83% and a return on equity of 28.48%. Packaging Corp Of America’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $1.52 EPS. On average, equities analysts expect that Packaging Corp Of America will post 7.9 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 14th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Thursday, September 13th. Packaging Corp Of America’s payout ratio is 52.49%.

A number of large investors have recently made changes to their positions in the business. Manning & Napier Group LLC boosted its holdings in Packaging Corp Of America by 13.8% in the 3rd quarter. Manning & Napier Group LLC now owns 18,243 shares of the industrial products company’s stock valued at $2,000,000 after purchasing an additional 2,216 shares during the period. Daiwa SB Investments Ltd. boosted its holdings in Packaging Corp Of America by 9.2% in the 3rd quarter. Daiwa SB Investments Ltd. now owns 7,860 shares of the industrial products company’s stock valued at $862,000 after purchasing an additional 660 shares during the period. Aurora Investment Counsel bought a new position in Packaging Corp Of America in the 3rd quarter valued at $1,539,000. Midas Management Corp bought a new position in Packaging Corp Of America in the 3rd quarter valued at $2,084,000. Finally, Covenant Asset Management LLC boosted its holdings in Packaging Corp Of America by 12.2% in the 3rd quarter. Covenant Asset Management LLC now owns 8,589 shares of the industrial products company’s stock valued at $942,000 after purchasing an additional 935 shares during the period. 87.16% of the stock is owned by hedge funds and other institutional investors.

Packaging Corp Of America Company Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various 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.

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Analyst Recommendations for Packaging Corp Of America (NYSE:PKG)

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