Packaging Corp Of America (NYSE:PKG) Expected to Post Quarterly Sales of $1.80 Billion

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Wall Street analysts expect Packaging Corp Of America (NYSE:PKG) to post $1.80 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Packaging Corp Of America’s earnings. The highest sales estimate is $1.81 billion and the lowest is $1.78 billion. Packaging Corp Of America posted sales of $1.77 billion during the same quarter last year, which suggests a positive year over year growth rate of 1.7%. The company is expected to announce its next quarterly earnings results on Wednesday, July 24th.

According to Zacks, analysts expect that Packaging Corp Of America will report full year sales of $7.09 billion for the current financial year, with estimates ranging from $6.98 billion to $7.18 billion. For the next financial year, analysts forecast that the firm will report sales of $7.09 billion, with estimates ranging from $6.84 billion to $7.41 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Packaging Corp Of America.

Packaging Corp Of America (NYSE:PKG) last posted its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $1.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.02. Packaging Corp Of America had a return on equity of 30.86% and a net margin of 11.12%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the firm posted $1.55 EPS. The business’s revenue was up 2.5% on a year-over-year basis.

Several equities research analysts recently weighed in on PKG shares. ValuEngine downgraded shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Zacks Investment Research downgraded shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. Bank of America reaffirmed a “buy” rating and set a $112.00 target price (up from $105.00) on shares of Packaging Corp Of America in a research note on Friday, April 5th. Stephens downgraded shares of Packaging Corp Of America from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a research note on Friday, April 26th. Finally, UBS Group started coverage on shares of Packaging Corp Of America in a research note on Wednesday, May 15th. They set a “buy” rating and a $109.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. Packaging Corp Of America has an average rating of “Hold” and an average price target of $102.64.

Several large investors have recently made changes to their positions in PKG. Norges Bank purchased a new stake in shares of Packaging Corp Of America in the 4th quarter valued at approximately $81,767,000. Millennium Management LLC increased its position in shares of Packaging Corp Of America by 902.6% in the 4th quarter. Millennium Management LLC now owns 1,024,962 shares of the industrial products company’s stock valued at $85,543,000 after purchasing an additional 922,736 shares during the last quarter. LSV Asset Management increased its position in shares of Packaging Corp Of America by 65.7% in the 4th quarter. LSV Asset Management now owns 1,964,742 shares of the industrial products company’s stock valued at $163,977,000 after purchasing an additional 778,926 shares during the last quarter. BlackRock Inc. increased its position in shares of Packaging Corp Of America by 7.2% in the 1st quarter. BlackRock Inc. now owns 10,289,922 shares of the industrial products company’s stock valued at $1,022,613,000 after purchasing an additional 692,098 shares during the last quarter. Finally, Eaton Vance Management increased its position in shares of Packaging Corp Of America by 304.7% in the 4th quarter. Eaton Vance Management now owns 504,224 shares of the industrial products company’s stock valued at $42,083,000 after purchasing an additional 379,638 shares during the last quarter. 88.82% of the stock is currently owned by institutional investors.

Shares of PKG traded down $0.20 during mid-day trading on Wednesday, reaching $94.79. The company had a trading volume of 18,732 shares, compared to its average volume of 814,115. The company has a quick ratio of 1.93, a current ratio of 3.05 and a debt-to-equity ratio of 0.95. Packaging Corp Of America has a 52 week low of $77.90 and a 52 week high of $118.88. The stock has a market cap of $8.83 billion, a P/E ratio of 11.81, a P/E/G ratio of 2.28 and a beta of 1.75.

The company 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. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Thursday, June 13th. Packaging Corp Of America’s dividend payout ratio is presently 39.35%.

About Packaging Corp Of America

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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