Citigroup Cuts Packaging Co. of America (NYSE:PKG) Price Target to $144.00

Packaging Co. of America (NYSE:PKGGet Rating) had its price objective trimmed by Citigroup from $163.00 to $144.00 in a research report sent to investors on Tuesday morning, The Fly reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on the stock. Argus upped their price objective on shares of Packaging Co. of America from $160.00 to $176.00 in a report on Friday, April 29th. StockNews.com assumed coverage on shares of Packaging Co. of America in a research report on Thursday, March 31st. They issued a buy rating on the stock. Truist Financial increased their price target on shares of Packaging Co. of America from $170.00 to $182.00 in a research report on Wednesday, April 27th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Packaging Co. of America from $141.00 to $158.00 and gave the stock a hold rating in a research report on Monday, April 18th. Finally, Wells Fargo & Company increased their price target on shares of Packaging Co. of America from $154.00 to $162.00 in a research report on Thursday, April 28th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Packaging Co. of America has a consensus rating of Hold and a consensus target price of $161.86.

Shares of PKG opened at $135.80 on Tuesday. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.66. Packaging Co. of America has a 12-month low of $124.78 and a 12-month high of $168.50. The firm has a 50-day moving average price of $155.76 and a 200 day moving average price of $148.27. The firm has a market capitalization of $12.72 billion, a P/E ratio of 13.89, a P/E/G ratio of 2.39 and a beta of 0.76.

Packaging Co. of America (NYSE:PKGGet Rating) last announced its quarterly earnings data on Monday, April 25th. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.19. Packaging Co. of America had a net margin of 11.50% and a return on equity of 27.11%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. Packaging Co. of America’s quarterly revenue was up 18.2% on a year-over-year basis. Equities research analysts predict that Packaging Co. of America will post 11.66 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Wednesday, June 15th will be issued a $1.25 dividend. This is a boost from Packaging Co. of America’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $5.00 annualized dividend and a yield of 3.68%. Packaging Co. of America’s dividend payout ratio (DPR) is 51.12%.

In other Packaging Co. of America news, CFO Robert P. Mundy sold 13,800 shares of the stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $160.30, for a total value of $2,212,140.00. Following the transaction, the chief financial officer now directly owns 38,799 shares in the company, valued at $6,219,479.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Charles J. Carter sold 7,347 shares of the stock in a transaction that occurred on Wednesday, April 27th. The shares were sold at an average price of $163.00, for a total transaction of $1,197,561.00. Following the completion of the transaction, the executive vice president now owns 23,996 shares in the company, valued at $3,911,348. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Xponance Inc. increased its stake in Packaging Co. of America by 25.2% in the fourth quarter. Xponance Inc. now owns 7,536 shares of the industrial products company’s stock valued at $1,026,000 after purchasing an additional 1,515 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Packaging Co. of America during the fourth quarter worth approximately $192,000. Citigroup Inc. grew its position in shares of Packaging Co. of America by 0.9% during the fourth quarter. Citigroup Inc. now owns 94,736 shares of the industrial products company’s stock worth $12,898,000 after acquiring an additional 842 shares during the last quarter. Atria Investments LLC grew its position in shares of Packaging Co. of America by 4.1% during the third quarter. Atria Investments LLC now owns 10,971 shares of the industrial products company’s stock worth $1,508,000 after acquiring an additional 434 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of Packaging Co. of America by 37.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 33,250 shares of the industrial products company’s stock worth $4,527,000 after acquiring an additional 8,990 shares during the last quarter. Institutional investors own 91.01% of the company’s stock.

About Packaging Co. of America (Get Rating)

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.

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