Packaging Co. of America (NYSE:PKG) Hits New 52-Week High Following Better-Than-Expected Earnings

Packaging Co. of America (NYSE:PKG - Get Free Report)'s stock price reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $229.91 and last traded at $227.00, with a volume of 39973 shares trading hands. The stock had previously closed at $216.66.

The industrial products company reported $2.65 earnings per share for the quarter, beating analysts' consensus estimates of $2.50 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The business's revenue was up 14.9% on a year-over-year basis. During the same period last year, the business earned $2.05 EPS.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America's payout ratio is 62.74%.

Analyst Ratings Changes

A number of research firms recently weighed in on PKG. Citigroup raised their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Wells Fargo & Company increased their price objective on shares of Packaging Co. of America from $215.00 to $235.00 and gave the company an "overweight" rating in a research note on Monday, October 7th. StockNews.com upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a research note on Tuesday. Finally, Truist Financial increased their price objective on shares of Packaging Co. of America from $219.00 to $242.00 and gave the company a "buy" rating in a research note on Tuesday, October 15th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $216.00.

Insider Transactions at Packaging Co. of America

In other news, EVP Charles J. Carter sold 5,389 shares of the firm's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,057,752.92. Following the transaction, the executive vice president now directly owns 25,539 shares in the company, valued at approximately $5,012,794.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Donald R. Shirley sold 6,000 shares of the firm's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the transaction, the senior vice president now directly owns 20,772 shares in the company, valued at approximately $4,077,128.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the completion of the sale, the executive vice president now owns 25,539 shares in the company, valued at approximately $5,012,794.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.60% of the company's stock.

Institutional Trading of Packaging Co. of America

Several hedge funds have recently bought and sold shares of PKG. Boston Partners lifted its position in Packaging Co. of America by 49.3% in the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company's stock valued at $274,421,000 after purchasing an additional 477,487 shares during the last quarter. Millennium Management LLC lifted its position in Packaging Co. of America by 34.3% in the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company's stock valued at $187,596,000 after purchasing an additional 262,315 shares during the last quarter. AQR Capital Management LLC lifted its position in Packaging Co. of America by 164.3% in the 2nd quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock valued at $73,272,000 after purchasing an additional 249,483 shares during the last quarter. International Assets Investment Management LLC lifted its position in Packaging Co. of America by 41,151.7% in the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company's stock valued at $33,499,000 after purchasing an additional 155,142 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Packaging Co. of America by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company's stock valued at $210,636,000 after purchasing an additional 86,005 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Stock Performance

The stock has a market capitalization of $20.54 billion, a P/E ratio of 28.55, a P/E/G ratio of 4.33 and a beta of 0.77. The company's 50-day moving average is $210.13 and its two-hundred day moving average is $193.45. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

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.