FY2019 EPS Estimates for Packaging Corp Of America Decreased by KeyCorp (NYSE:PKG)

Packaging Corp Of America (NYSE:PKG) – Investment analysts at KeyCorp cut their FY2019 earnings per share (EPS) estimates for shares of Packaging Corp Of America in a research note issued on Thursday, October 25th, Zacks Investment Research reports. KeyCorp analyst A. Josephson now forecasts that the industrial products company will earn $8.65 per share for the year, down from their prior forecast of $8.78. KeyCorp has a “Hold” rating on the stock.

Packaging Corp Of America (NYSE:PKG) last released its earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.08. Packaging Corp Of America had a net margin of 11.54% and a return on equity of 29.96%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion.

A number of other research firms have also recently commented on PKG. ValuEngine raised shares of Packaging Corp Of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Zacks Investment Research cut shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Wells Fargo & Co reduced their price objective on shares of Packaging Corp Of America from $150.00 to $140.00 and set a “market perform” rating for the company in a research report on Friday, July 27th. Citigroup lifted their price objective on shares of Packaging Corp Of America from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Finally, Barclays reduced their price objective on shares of Packaging Corp Of America from $125.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, July 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $116.91.

PKG stock traded up $0.43 during midday trading on Monday, reaching $95.77. 638,712 shares of the company were exchanged, compared to its average volume of 1,133,491. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.76 and a quick ratio of 1.74. Packaging Corp Of America has a one year low of $83.54 and a one year high of $131.13. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of 15.91, a price-to-earnings-growth ratio of 1.43 and a beta of 1.82.

Institutional investors and hedge funds have recently bought and sold shares of the company. Midas Management Corp acquired a new stake in shares of Packaging Corp Of America during the third quarter worth $2,084,000. Aurora Investment Counsel acquired a new stake in shares of Packaging Corp Of America during the third quarter worth $1,539,000. Manning & Napier Group LLC lifted its holdings in shares of Packaging Corp Of America by 13.8% during the third quarter. Manning & Napier Group LLC now owns 18,243 shares of the industrial products company’s stock worth $2,000,000 after buying an additional 2,216 shares in the last quarter. Korea Investment CORP lifted its holdings in shares of Packaging Corp Of America by 27.6% during the second quarter. Korea Investment CORP now owns 85,473 shares of the industrial products company’s stock worth $9,555,000 after buying an additional 18,500 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Packaging Corp Of America by 625.0% during the second quarter. Bank of Nova Scotia now owns 88,751 shares of the industrial products company’s stock worth $9,921,000 after buying an additional 76,510 shares in the last quarter. 87.45% of the stock is owned by institutional investors.

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.

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