Packaging Corp Of America (NYSE:PKG) was the target of a significant drop in short interest in June. As of June 30th, there was short interest totalling 1,702,100 shares, a drop of 21.6% from the May 30th total of 2,169,800 shares. Based on an average daily trading volume, of 984,800 shares, the days-to-cover ratio is presently 1.7 days. Currently, 1.8% of the company’s stock are sold short.
Several institutional investors and hedge funds have recently modified their holdings of PKG. CSat Investment Advisory L.P. grew its position in shares of Packaging Corp Of America by 73.8% in the 4th quarter. CSat Investment Advisory L.P. now owns 299 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 127 shares in the last quarter. Citizens Financial Group Inc RI bought a new stake in shares of Packaging Corp Of America in the 1st quarter worth approximately $32,000. Aspire Private Capital LLC bought a new stake in shares of Packaging Corp Of America in the 4th quarter worth approximately $41,000. Horan Capital Advisors LLC. bought a new stake in shares of Packaging Corp Of America in the 1st quarter worth approximately $41,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Packaging Corp Of America in the 1st quarter worth approximately $52,000. Institutional investors own 88.82% of the company’s stock.
A number of brokerages have weighed in on PKG. Bank of America lowered Propetro from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 16th. Zacks Investment Research upgraded Green Brick Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Stephens set a $100.00 price objective on Cullen/Frost Bankers and gave the company a “hold” rating in a research note on Friday, April 26th. Finally, UBS Group restated a “sell” rating on shares of in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $101.09.
Packaging Corp Of America (NYSE:PKG) last issued its earnings results on Wednesday, April 24th. The industrial products company reported $1.98 EPS for the quarter, topping the consensus estimate of $1.96 by $0.02. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.77 billion. Packaging Corp Of America had a return on equity of 30.86% and a net margin of 11.12%. The business’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.55 EPS. On average, equities analysts anticipate that Packaging Corp Of America will post 8.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be given a $0.79 dividend. The ex-dividend date is Thursday, June 13th. This represents a $3.16 annualized dividend and a dividend yield of 3.18%. Packaging Corp Of America’s payout ratio is 39.35%.
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.
Further Reading: Book Value Per Share – BVPS
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