Packaging Co. of America (NYSE:PKG) Given New $253.00 Price Target at Wells Fargo & Company

Packaging Co. of America (NYSE:PKG) had its target price upped by Wells Fargo & Company from $235.00 to $253.00 in a research report report published on Thursday, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other analysts have also recently issued reports on PKG. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Truist Financial lifted their target price on Packaging Co. of America from $219.00 to $242.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Citigroup boosted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Packaging Co. of America currently has an average rating of “Moderate Buy” and a consensus price target of $221.60.

Packaging Co. of America Stock Up 0.1 %

PKG stock traded up $0.30 during midday trading on Thursday, reaching $227.81. 21,239 shares of the company were exchanged, compared to its average volume of 596,753. The company has a market cap of $20.46 billion, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 4.24 and a beta of 0.77. 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 1-year low of $148.50 and a 1-year high of $231.30. The stock’s 50-day simple moving average is $211.45 and its 200 day simple moving average is $193.93.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the business earned $2.05 EPS. Packaging Co. of America’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, equities analysts forecast that Packaging Co. of America will post 8.77 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

Hedge Funds Weigh In On Packaging Co. of America

Several hedge funds have recently bought and sold shares of PKG. Register Financial Advisors LLC purchased a new position in shares of Packaging Co. of America in the first quarter valued at $25,000. Central Pacific Bank Trust Division acquired a new stake in shares of Packaging Co. of America in the third quarter valued at approximately $32,000. Asset Dedication LLC increased its stake in shares of Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares in the last quarter. Tortoise Investment Management LLC acquired a new position in shares of Packaging Co. of America during the 2nd quarter worth approximately $33,000. Finally, Headlands Technologies LLC purchased a new stake in Packaging Co. of America in the 1st quarter valued at approximately $43,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

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.