Packaging Corp Of America (NYSE:PKG) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 2,169,800 shares, an increase of 43.7% from the May 15th total of 1,510,400 shares. Based on an average trading volume of 820,700 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.3% of the company’s stock are short sold.
NYSE:PKG traded up $1.34 during midday trading on Thursday, hitting $93.74. The company’s stock had a trading volume of 36,427 shares, compared to its average volume of 902,885. Packaging Corp Of America has a fifty-two week low of $77.90 and a fifty-two week high of $118.88. The company’s 50 day simple moving average is $94.16. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.93 and a current ratio of 3.05. The company has a market capitalization of $8.74 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 2.27 and a beta of 1.75.
Packaging Corp Of America (NYSE:PKG) last issued its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.96 by $0.02. Packaging Corp Of America had a net margin of 11.12% and a return on equity of 30.86%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.55 EPS. Packaging Corp Of America’s quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Packaging Corp Of America will post 8.13 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a $0.79 dividend. The ex-dividend date is Thursday, June 13th. This represents a $3.16 annualized dividend and a yield of 3.37%. Packaging Corp Of America’s dividend payout ratio is presently 39.35%.
A number of institutional investors have recently added to or reduced their stakes in PKG. Hancock Whitney Corp lifted its position in shares of Packaging Corp Of America by 6.1% during the 4th quarter. Hancock Whitney Corp now owns 3,768 shares of the industrial products company’s stock valued at $314,000 after buying an additional 217 shares in the last quarter. Citizens Financial Group Inc RI purchased a new position in Packaging Corp Of America in the 1st quarter valued at $32,000. Norges Bank purchased a new position in Packaging Corp Of America in the 4th quarter valued at $81,767,000. LPL Financial LLC lifted its holdings in Packaging Corp Of America by 22.6% in the 4th quarter. LPL Financial LLC now owns 14,032 shares of the industrial products company’s stock valued at $1,171,000 after purchasing an additional 2,582 shares in the last quarter. Finally, United Services Automobile Association lifted its holdings in Packaging Corp Of America by 23.8% in the 4th quarter. United Services Automobile Association now owns 142,278 shares of the industrial products company’s stock valued at $11,875,000 after purchasing an additional 27,326 shares in the last quarter. Institutional investors and hedge funds own 88.82% of the company’s stock.
Several equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Zacks Investment Research downgraded shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. UBS Group set a $106.00 price objective on shares of Packaging Corp Of America and gave the company a “buy” rating in a report on Monday. Bank of America restated a “buy” rating and set a $112.00 price objective (up previously from $105.00) on shares of Packaging Corp Of America in a report on Friday, April 5th. Finally, Stephens downgraded shares of Packaging Corp Of America from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective on the stock. in a report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $102.36.
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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