Packaging Co. of America (NYSE:PKG) Given New $253.00 Price Target at Wells Fargo & Company

Packaging Co. of America (NYSE:PKG) had its price target raised by equities research analysts at Wells Fargo & Company from $235.00 to $253.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.02% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Truist Financial lifted their target price on Packaging Co. of America from $219.00 to $242.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Citigroup upped their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Price Performance

Packaging Co. of America stock opened at $225.86 on Thursday. The company’s 50 day simple moving average is $212.04 and its 200-day simple moving average is $194.18. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. Packaging Co. of America has a 1 year low of $148.50 and a 1 year high of $231.30. The company has a market capitalization of $20.28 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 4.24 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the prior year, the firm earned $2.05 earnings per share. The firm’s revenue was up 14.9% compared to the same quarter last year. As a group, equities research analysts expect that Packaging Co. of America will post 8.77 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co lifted its position in shares of Packaging Co. of America by 4.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after purchasing an additional 3,078 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Packaging Co. of America by 30.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock worth $17,168,000 after acquiring an additional 21,143 shares in the last quarter. Summit Financial Strategies Inc. boosted its position in shares of Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after acquiring an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Packaging Co. of America by 6.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock valued at $41,839,000 after acquiring an additional 14,277 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in shares of Packaging Co. of America by 10.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock worth $20,678,000 after acquiring an additional 10,516 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

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.