Packaging Co. of America (NYSE:PKG) Expected to Post Q2 2023 Earnings of $1.96 Per Share

Posted by Defense World Staff on Jul 22nd, 2023

Packaging Co. of America (NYSE:PKG – Free Report) – Equities researchers at Seaport Res Ptn lowered their Q2 2023 earnings per share (EPS) estimates for shares of Packaging Co. of America in a report issued on Thursday, July 20th. Seaport Res Ptn analyst M. Weintraub now expects that the industrial products company will post earnings per share of $1.96 for the quarter, down from their previous forecast of $2.00. The consensus estimate for Packaging Co. of America’s current full-year earnings is $7.90 per share. Seaport Res Ptn also issued estimates for Packaging Co. of America’s Q3 2023 earnings at $1.75 EPS, Q4 2023 earnings at $1.59 EPS, FY2023 earnings at $7.50 EPS and FY2024 earnings at $6.90 EPS.

Other equities research analysts also recently issued research reports about the company. Truist Financial dropped their target price on Packaging Co. of America from $141.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday. StockNews.com initiated coverage on Packaging Co. of America in a report on Thursday, May 18th. They set a “hold” rating for the company. Wells Fargo & Company dropped their target price on Packaging Co. of America from $135.00 to $126.00 in a report on Wednesday, April 26th. UBS Group dropped their price target on Packaging Co. of America from $137.00 to $132.00 in a research note on Friday, June 30th. Finally, Citigroup dropped their price target on Packaging Co. of America from $131.00 to $128.00 in a research note on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Packaging Co. of America has a consensus rating of “Hold” and a consensus target price of $125.63.

Packaging Co. of America Stock Up 1.0 %

PKG opened at $137.35 on Friday. Packaging Co. of America has a fifty-two week low of $110.56 and a fifty-two week high of $146.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.91 and a current ratio of 3.12. The company has a market capitalization of $12.35 billion, a P/E ratio of 13.18, a P/E/G ratio of 3.39 and a beta of 0.88. The stock has a fifty day moving average of $130.78 and a 200-day moving average of $134.65.

Packaging Co. of America (NYSE:PKG – Get Free Report) last announced its quarterly earnings results on Tuesday, April 25th. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.07). Packaging Co. of America had a net margin of 11.61% and a return on equity of 25.59%. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the business earned $2.72 EPS. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Thursday, June 15th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Wednesday, June 14th. Packaging Co. of America’s dividend payout ratio is presently 47.98%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PKG. Clear Street Markets LLC grew its position in Packaging Co. of America by 94.6% in the first quarter. Clear Street Markets LLC now owns 181 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 88 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Packaging Co. of America in the fourth quarter valued at about $28,000. WealthPLAN Partners LLC bought a new stake in shares of Packaging Co. of America during the first quarter worth about $30,000. Fiduciary Alliance LLC bought a new stake in shares of Packaging Co. of America during the second quarter worth about $31,000. Finally, Hall Laurie J Trustee acquired a new position in shares of Packaging Co. of America in the second quarter valued at approximately $32,000. Institutional investors own 90.84% of the company’s stock.

About Packaging Co. of America

(Get Free Report)

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. 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.