Packaging Co. of America (NYSE:PKG - Get Free Report) issued its earnings results on Monday. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.09, Briefing.com reports. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.91 billion. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. The business's revenue was up .2% on a year-over-year basis. During the same period in the previous year, the company posted $2.20 earnings per share. Packaging Co. of America updated its Q2 guidance to $2.07 EPS and its Q2 2024 guidance to 2.070-2.070 EPS.
Packaging Co. of America Trading Down 0.3 %
Shares of NYSE:PKG traded down $0.60 during trading on Monday, reaching $179.29. 662,795 shares of the company traded hands, compared to its average volume of 689,028. The firm has a market capitalization of $16.09 billion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 4.33 and a beta of 0.78. Packaging Co. of America has a 52-week low of $122.20 and a 52-week high of $191.27. The company has a current ratio of 2.57, a quick ratio of 1.77 and a debt-to-equity ratio of 0.62. The business's fifty day moving average is $181.44 and its 200-day moving average is $167.88.
Packaging Co. of America Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, March 14th. Packaging Co. of America's payout ratio is currently 58.96%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Truist Financial lifted their price target on Packaging Co. of America from $170.00 to $187.00 and gave the company a "buy" rating in a research report on Thursday, January 4th. Seaport Res Ptn cut Packaging Co. of America from a "buy" rating to a "neutral" rating in a research report on Monday, January 29th. Bank of America upgraded Packaging Co. of America from a "neutral" rating to a "buy" rating and lifted their price target for the company from $172.00 to $202.00 in a research report on Monday, March 4th. StockNews.com cut Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Friday. Finally, Citigroup upped their price objective on shares of Packaging Co. of America from $172.00 to $183.00 and gave the stock a "neutral" rating in a research report on Thursday, April 4th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $171.29.
Get Our Latest Report on Packaging Co. of America
Insider Activity
In other news, VP Thomas A. Hassfurther sold 14,191 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the completion of the sale, the vice president now owns 183,930 shares of the company's stock, valued at $31,967,034. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Thomas A. Hassfurther sold 14,191 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the completion of the sale, the vice president now owns 183,930 shares of the company's stock, valued at $31,967,034. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Thomas A. Hassfurther sold 13,850 shares of the firm's stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total value of $2,507,681.00. Following the completion of the sale, the vice president now directly owns 187,647 shares of the company's stock, valued at approximately $33,975,365.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,041 shares of company stock valued at $6,799,177. 1.70% of the stock is currently owned by company insiders.
About Packaging Co. of America
(
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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.
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