Packaging Corp Of America (PKG) Cut to Sell at ValuEngine

Packaging Corp Of America (NYSE:PKG) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, April 3rd, ValuEngine reports.

A number of other research firms have also issued reports on PKG. Zacks Investment Research lowered shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. Wells Fargo & Co lowered shares of Packaging Corp Of America from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $110.00 to $93.00 in a report on Wednesday, January 9th. Finally, Citigroup dropped their target price on shares of Packaging Corp Of America from $98.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, January 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $102.00.

Shares of PKG traded up $1.26 during trading hours on Wednesday, hitting $99.20. The stock had a trading volume of 517,060 shares, compared to its average volume of 925,942. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.05 and a quick ratio of 1.90. Packaging Corp Of America has a fifty-two week low of $77.90 and a fifty-two week high of $124.70. The stock has a market cap of $9.31 billion, a P/E ratio of 12.35, a P/E/G ratio of 2.36 and a beta of 1.81.

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, topping the Zacks’ consensus estimate of $1.96 by $0.02. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Packaging Corp Of America had a net margin of 10.52% and a return on equity of 30.83%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.55 earnings per share. Equities analysts expect that Packaging Corp Of America will post 8.35 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in Packaging Corp Of America in the fourth quarter valued at approximately $81,767,000. Millennium Management LLC increased its stake in Packaging Corp Of America by 902.6% in the fourth 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. JPMorgan Chase & Co. increased its stake in Packaging Corp Of America by 694.5% in the third quarter. JPMorgan Chase & Co. now owns 971,659 shares of the industrial products company’s stock valued at $106,582,000 after purchasing an additional 849,363 shares during the last quarter. LSV Asset Management increased its stake in Packaging Corp Of America by 65.7% in the fourth 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. Finally, Hamlin Capital Management LLC purchased a new position in Packaging Corp Of America in the fourth quarter valued at approximately $35,842,000. 87.41% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corp Of America Company Profile

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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Analyst Recommendations for Packaging Corp Of America (NYSE:PKG)

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