Packaging Corporation of America’s (PKG) “Hold” Rating Reiterated at KeyCorp

Packaging Corporation of America (NYSE:PKG)‘s stock had its “hold” rating reissued by research analysts at KeyCorp in a research note issued on Wednesday.

A number of other research analysts have also recently commented on the company. Zacks Investment Research raised Packaging Corporation of America from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a report on Thursday, October 12th. Deutsche Bank AG reissued a “hold” rating and issued a $120.00 price target (up from $94.00) on shares of Packaging Corporation of America in a report on Monday, October 9th. Vertical Research reissued a “buy” rating and issued a $124.00 price target (up from $118.00) on shares of Packaging Corporation of America in a report on Wednesday, August 23rd. BMO Capital Markets reissued an “outperform” rating and issued a $122.00 price target (up from $118.00) on shares of Packaging Corporation of America in a report on Tuesday, August 22nd. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $128.00 price target on shares of Packaging Corporation of America in a report on Friday, August 18th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Packaging Corporation of America presently has an average rating of “Buy” and an average target price of $114.10.

Shares of Packaging Corporation of America (NYSE:PKG) traded down 0.45% during midday trading on Wednesday, hitting $116.22. 460,948 shares of the stock were exchanged. The stock has a market cap of $10.88 billion, a P/E ratio of 22.39 and a beta of 1.83. The firm’s 50 day moving average price is $115.18 and its 200-day moving average price is $106.82. Packaging Corporation of America has a 52-week low of $78.03 and a 52-week high of $119.43.

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

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In other news, VP Thomas A. Hassfurther sold 6,000 shares of the company’s 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 sale, the vice president now directly owns 155,071 shares of the company’s stock, valued at approximately $18,289,073.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Toronto Dominion Bank raised its holdings in shares of Packaging Corporation of America by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 1,158 shares of the industrial products company’s stock worth $129,000 after acquiring an additional 128 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Packaging Corporation of America by 84.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,451 shares of the industrial products company’s stock worth $161,000 after acquiring an additional 665 shares in the last quarter. Creative Planning raised its holdings in shares of Packaging Corporation of America by 7.9% during the 2nd quarter. Creative Planning now owns 1,686 shares of the industrial products company’s stock worth $188,000 after acquiring an additional 123 shares in the last quarter. Atria Investments LLC purchased a new stake in shares of Packaging Corporation of America during the 2nd quarter worth approximately $200,000. Finally, Perpetual Ltd purchased a new stake in shares of Packaging Corporation of America during the 2nd quarter worth approximately $201,000. 88.06% of the stock is currently 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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