Packaging Co. of America (NYSE:PKG) Hits New 52-Week High – Still a Buy?

Packaging Co. of America (NYSE:PKG) hit a new 52-week high on Wednesday . The stock traded as high as $248.00 and last traded at $248.00, with a volume of 5550 shares changing hands. The stock had previously closed at $232.61.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PKG. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Wells Fargo & Company boosted their price target on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Citigroup increased their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Truist Financial restated a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Trading Up 0.5 %

The company has a market cap of $21.62 billion, a P/E ratio of 28.07, a PEG ratio of 3.42 and a beta of 0.76. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The business has a fifty day moving average price of $217.31 and a 200-day moving average price of $197.25.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the firm posted $2.05 EPS. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, analysts forecast that Packaging Co. of America will post 9 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were paid a $1.25 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.08%. Packaging Co. of America’s payout ratio is 58.28%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co increased its position in Packaging Co. of America by 4.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after purchasing an additional 3,078 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Packaging Co. of America by 30.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock valued at $17,168,000 after acquiring an additional 21,143 shares during the last quarter. Summit Financial Strategies Inc. lifted its stake in shares of Packaging Co. of America by 5.5% in the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock valued at $42,809,000 after acquiring an additional 12,129 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Packaging Co. of America by 6.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock valued at $41,839,000 after acquiring an additional 14,277 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in Packaging Co. of America by 10.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock worth $20,678,000 after acquiring an additional 10,516 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

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.