Citigroup Boosts Packaging Co. of America (NYSE:PKG) Price Target to $221.00

Packaging Co. of America (NYSE:PKG) had its price target upped by Citigroup from $199.00 to $221.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price objective suggests a potential upside of 3.85% from the company’s previous close.

Several other brokerages have also recently issued reports on PKG. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Saturday. Truist Financial upped their target price on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Wells Fargo & Company upped their target price on Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Bank of America upped their target price on Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 17th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Packaging Co. of America currently has an average rating of “Hold” and a consensus target price of $196.17.

Packaging Co. of America Price Performance

Shares of PKG traded down $2.48 during trading hours on Wednesday, hitting $212.81. 254,723 shares of the stock were exchanged, compared to its average volume of 604,558. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. Packaging Co. of America has a 12-month low of $143.82 and a 12-month high of $217.69. The company has a market cap of $19.11 billion, a price-to-earnings ratio of 26.58, a price-to-earnings-growth ratio of 4.24 and a beta of 0.77. The stock’s 50-day moving average price is $203.76 and its two-hundred day moving average price is $190.25.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, topping the consensus estimate of $2.14 by $0.06. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the business earned $2.31 earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. Research analysts expect that Packaging Co. of America will post 8.72 earnings per share for the current year.

Insider Activity

In other news, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Charles J. Carter sold 5,389 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Donald R. Shirley sold 6,000 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,177,680.00. Following the transaction, the senior vice president now directly owns 20,772 shares in the company, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Packaging Co. of America

Several hedge funds have recently bought and sold shares of the company. Coldstream Capital Management Inc. raised its position in Packaging Co. of America by 1.4% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company’s stock valued at $704,000 after purchasing an additional 54 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Packaging Co. of America by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company’s stock valued at $1,773,000 after purchasing an additional 56 shares in the last quarter. Moors & Cabot Inc. raised its position in Packaging Co. of America by 2.1% in the 2nd quarter. Moors & Cabot Inc. now owns 2,689 shares of the industrial products company’s stock valued at $491,000 after purchasing an additional 56 shares in the last quarter. Evergreen Capital Management LLC raised its position in Packaging Co. of America by 2.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,461 shares of the industrial products company’s stock valued at $452,000 after purchasing an additional 57 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in Packaging Co. of America by 2.8% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,160 shares of the industrial products company’s stock valued at $410,000 after purchasing an additional 59 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

About Packaging Co. of America

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.