KeyCorp Reiterates “Hold” Rating for Packaging Corporation of America (PKG)

Packaging Corporation of America (NYSE:PKG)‘s stock had its “hold” rating reiterated by research analysts at KeyCorp in a research report issued to clients and investors on Thursday.

PKG has been the topic of a number of other reports. Deutsche Bank AG reiterated a “hold” rating and issued a $120.00 price target (up from $94.00) on shares of Packaging Corporation of America in a research report on Monday. Zacks Investment Research upgraded shares of Packaging Corporation of America from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a research report on Thursday. Jefferies Group LLC reiterated a “buy” rating and issued a $128.00 price target (up from $114.00) on shares of Packaging Corporation of America in a research report on Friday, July 14th. BidaskClub downgraded shares of Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Packaging Corporation of America from a “sell” rating to a “neutral” rating and increased their price target for the company from $105.00 to $111.00 in a research report on Thursday, July 13th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $114.10.

Packaging Corporation of America (NYSE:PKG) traded down 0.66% during mid-day trading on Thursday, hitting $115.93. 331,435 shares of the company’s stock were exchanged. Packaging Corporation of America has a 52 week low of $78.03 and a 52 week high of $119.43. The stock has a market capitalization of $10.86 billion, a P/E ratio of 22.34 and a beta of 1.83. The firm has a 50 day moving average of $114.70 and a 200 day moving average of $106.33.

Packaging Corporation of America (NYSE:PKG) last released its earnings results on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.05. Packaging Corporation of America had a net margin of 8.05% and a return on equity of 27.78%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the prior year, the company posted $1.25 EPS. The company’s revenue was up 11.8% compared to the same quarter last year. Equities analysts forecast that Packaging Corporation of America will post $6.04 earnings per share for the current fiscal year.

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In related news, VP Thomas A. Hassfurther sold 6,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $117.94, for a total transaction of $707,640.00. Following the completion of the sale, the vice president now directly owns 155,071 shares of the company’s stock, valued at approximately $18,289,073.74. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Trust & Banking Corp increased its stake in Packaging Corporation of America by 4.7% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 227,694 shares of the industrial products company’s stock worth $25,363,000 after purchasing an additional 10,141 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Packaging Corporation of America by 2.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 293,576 shares of the industrial products company’s stock worth $32,701,000 after purchasing an additional 7,705 shares in the last quarter. Principal Financial Group Inc. increased its stake in Packaging Corporation of America by 34.7% during the 2nd quarter. Principal Financial Group Inc. now owns 1,298,086 shares of the industrial products company’s stock worth $144,594,000 after purchasing an additional 334,701 shares in the last quarter. Candriam Luxembourg S.C.A. bought a new stake in Packaging Corporation of America during the 2nd quarter worth approximately $486,000. Finally, AXA increased its stake in Packaging Corporation of America by 77.8% during the 2nd quarter. AXA now owns 254,400 shares of the industrial products company’s stock worth $28,338,000 after purchasing an additional 111,300 shares in the last quarter. 88.18% of the stock is owned by institutional investors and hedge funds.

About Packaging Corporation of America

Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers.

Analyst Recommendations for Packaging Corporation of America (NYSE:PKG)

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