Truist Financial Forecasts Strong Price Appreciation for Packaging Corporation of America (NYSE:PKG) Stock

Packaging Corporation of America (NYSE:PKG - Free Report) had its target price raised by Truist Financial from $237.00 to $239.00 in a report released on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company's stock.

Several other brokerages also recently issued reports on PKG. Wall Street Zen downgraded Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $180.00 target price (down previously from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. UBS Group initiated coverage on shares of Packaging Corporation of America in a report on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 target price for the company. Finally, Jefferies Financial Group lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price target for the company from $245.00 to $205.00 in a research report on Monday. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Packaging Corporation of America currently has a consensus rating of "Hold" and an average price target of $211.80.

Packaging Corporation of America Stock Up 0.4%

Shares of PKG traded up $0.72 on Tuesday, reaching $186.95. The company's stock had a trading volume of 1,141,935 shares, compared to its average volume of 741,316. Packaging Corporation of America has a twelve month low of $172.72 and a twelve month high of $250.82. The stock has a market capitalization of $16.82 billion, a PE ratio of 19.56, a PEG ratio of 2.46 and a beta of 0.84. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average of $189.20 and a 200-day moving average of $206.54.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.10. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. Equities analysts predict that Packaging Corporation of America will post 10.44 EPS for the current year.

Packaging Corporation of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Corporation of America's payout ratio is 52.30%.

Hedge Funds Weigh In On Packaging Corporation of America

Several institutional investors have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC raised its position in Packaging Corporation of America by 39.0% in the first quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock worth $40,000 after acquiring an additional 57 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Packaging Corporation of America by 40.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 198 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 57 shares during the period. Sigma Planning Corp increased its stake in shares of Packaging Corporation of America by 2.3% during the 4th quarter. Sigma Planning Corp now owns 2,568 shares of the industrial products company's stock worth $578,000 after purchasing an additional 58 shares during the last quarter. Cary Street Partners Financial LLC raised its holdings in shares of Packaging Corporation of America by 0.7% in the 1st quarter. Cary Street Partners Financial LLC now owns 8,759 shares of the industrial products company's stock worth $1,735,000 after purchasing an additional 59 shares during the period. Finally, Horizon Investments LLC raised its holdings in shares of Packaging Corporation of America by 4.8% in the 1st quarter. Horizon Investments LLC now owns 1,291 shares of the industrial products company's stock worth $256,000 after purchasing an additional 59 shares during the period. Institutional investors own 89.78% of the company's stock.

About Packaging Corporation 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.