Seaport Global Securities Downgrades Packaging Corp Of America (NYSE:PKG) to Neutral

Packaging Corp Of America (NYSE:PKG) was downgraded by Seaport Global Securities from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat reports. They currently have a $98.02 price objective on the industrial products company’s stock. Seaport Global Securities’ target price suggests a potential downside of 1.34% from the company’s current price. The analysts noted that the move was a valuation call.

Other equities analysts have also recently issued reports about the company. Bank of America cut Propetro from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 16th. Stephens set a $100.00 target price on Cullen/Frost Bankers and gave the company a “hold” rating in a research note on Friday, April 26th. KeyCorp reissued a “hold” rating on shares of Packaging Corp Of America in a research note on Thursday, April 25th. ValuEngine cut Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Zacks Investment Research raised Green Brick Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $101.09.

Shares of Packaging Corp Of America stock opened at $99.35 on Friday. The company has a quick ratio of 1.93, a current ratio of 3.05 and a debt-to-equity ratio of 0.95. Packaging Corp Of America has a one year low of $77.90 and a one year high of $118.88. The stock has a market cap of $9.35 billion, a PE ratio of 12.37, a P/E/G ratio of 2.44 and a beta of 1.72. The stock has a 50 day moving average of $94.77.

Packaging Corp Of America (NYSE:PKG) last posted its earnings results on Wednesday, April 24th. The industrial products company reported $1.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.02. Packaging Corp Of America had a return on equity of 30.86% and a net margin of 11.12%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the firm earned $1.55 earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Packaging Corp Of America will post 8.12 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PKG. Norges Bank bought a new stake in shares of Packaging Corp Of America during the fourth quarter valued at approximately $81,767,000. Millennium Management LLC boosted its position in shares of Packaging Corp Of America by 902.6% during 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 in the last quarter. BlackRock Inc. boosted its position in shares of Packaging Corp Of America by 7.2% during the first quarter. BlackRock Inc. now owns 10,289,922 shares of the industrial products company’s stock valued at $1,022,613,000 after purchasing an additional 692,098 shares in the last quarter. Maj Invest Holding A S boosted its position in shares of Packaging Corp Of America by 28.3% during the first quarter. Maj Invest Holding A S now owns 1,677,197 shares of the industrial products company’s stock valued at $166,678,000 after purchasing an additional 369,946 shares in the last quarter. Finally, AJO LP boosted its position in shares of Packaging Corp Of America by 141.4% during the first quarter. AJO LP now owns 609,050 shares of the industrial products company’s stock valued at $60,527,000 after purchasing an additional 356,732 shares in the last quarter. Institutional investors own 88.82% of the company’s stock.

About Packaging Corp Of America

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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