Packaging Co. of America (NYSE:PKG) Updates Q2 2024 Earnings Guidance

Packaging Co. of America (NYSE:PKG) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 2.070-2.070 for the period, compared to the consensus earnings per share estimate of 2.220. The company issued revenue guidance of -. Packaging Co. of America also updated its Q2 guidance to $2.07 EPS.

Packaging Co. of America Price Performance

Shares of PKG traded up $1.20 during mid-day trading on Wednesday, reaching $172.08. The company had a trading volume of 162,797 shares, compared to its average volume of 691,816. Packaging Co. of America has a twelve month low of $122.20 and a twelve month high of $191.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.57 and a quick ratio of 1.77. The company’s 50-day moving average is $181.56 and its 200-day moving average is $168.02. The company has a market capitalization of $15.44 billion, a P/E ratio of 21.36, a P/E/G ratio of 4.35 and a beta of 0.78.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.09. Packaging Co. of America had a return on equity of 18.94% and a net margin of 9.25%. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the prior year, the firm posted $2.20 EPS. Packaging Co. of America’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities analysts anticipate that Packaging Co. of America will post 8.24 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were issued a $1.25 dividend. The ex-dividend date was Thursday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.91%. Packaging Co. of America’s payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup increased their price target on 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. Bank of America upgraded Packaging Co. of America from a neutral rating to a buy rating and lifted their target price for the stock from $172.00 to $202.00 in a report on Monday, March 4th. BNP Paribas lowered Packaging Co. of America from an outperform rating to a neutral rating and set a $182.00 target price on the stock. in a report on Friday, April 12th. Wells Fargo & Company upgraded Packaging Co. of America from an equal weight rating to an overweight rating and boosted their price target for the company from $187.00 to $191.00 in a report on Wednesday. Finally, Truist Financial boosted their price target on Packaging Co. of America from $170.00 to $187.00 and gave the company a buy rating in a report on Thursday, January 4th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $173.86.

Insiders Place Their Bets

In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 14,191 shares of the business’s 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 transaction, the vice president now owns 183,930 shares of the company’s stock, valued at $31,967,034. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Thomas A. Hassfurther sold 13,850 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the sale, the vice president now owns 187,647 shares of the company’s stock, valued at $33,975,365.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $2,466,395.80. Following the sale, the vice president now directly owns 183,930 shares in the company, valued at approximately $31,967,034. The disclosure for this sale can be found here. Insiders have sold a total of 38,041 shares of company stock valued at $6,799,177 over the last 90 days. 1.70% of the stock is currently owned by insiders.

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.