Moran Wealth Management LLC Purchases Shares in Packaging Co. of America
On June 11, 2023, it was reported that Moran Wealth Management LLC had purchased a new position in shares of Packaging Co. of America (NYSE:PKG) during the fourth quarter. According to a Form 13F filing with the Securities & Exchange Commission, Moran Wealth Management LLC purchased 11,825 shares of the industrial products company’s stock, which were valued at approximately $1,513,000.
Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings on Tuesday, April 25th. The industrial products company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.07). While this news may have caused some concern among investors, it is important to consider that Packaging Co. of America had a net margin of 11.61% and a return on equity of 25.59%. Additionally, the firm had revenue of $1.98 billion during the quarter compared to analysts’ expectations of $2.08 billion.
The company operates through three distinct segments; Packaging, Paper and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products such as conventional shipping containers while the Paper segment manufactures and sells communication-based papers and pressure-sensitive papers.
Despite experiencing a decline in quarterly revenue – seven-and-a-half percent compared to the same period last year – sell-side analysts expect that the Company’s current fiscal year will still be profitable with an EPS expected to reach around 8.12.
Overall, investors should take note that Moran Wealth Management LLC has shown confidence in Packaging Co. of America by making a significant investment into their business operations through their purchases made during Q4 2022-23 despite recent earnings news below estimates while experts predict continued growth within this sector suggests good times ahead for those who hold long positions in the Company.
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Institutional Investors Take Notice of Packaging Corporation of America; Quarterly Dividend Payment Confirmed
Packaging Corporation of America (NYSE: PKG) has recently caught the attention of institutional investors who have made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd., for example, acquired a new stake in Packaging Co. of America during Q4 2022, worth approximately $36,000, while Rise Advisors LLC added a new stake during the same period worth $40,000. 90.39% of the company’s stock is owned by institutional investors and hedge funds.
The current market capitalization for Packaging Corporation of America is $11.76 billion with a P/E ratio of 12.55 and beta at 0.88 at opening on June 9th, 2023. The company has a one-year low of $110.56 and a one-year high of $153.68 with a debt-to-equity ratio of 0.66, as well as a current ratio of 3.12 and quick ratio of 1.91.
Packaging Corporation specializes in container products production segmented into packaging, paper, and corporate and other products serving various industrial engagements such as communication-based papers sales to conventional shipping containers production evidenced by its blooming financial reports from time to time.
In addition to these recent developments regarding institutional investments in Packaging Co.’s shares, the firm also recently announced that it will be distributing quarterly dividends payable on Friday, July 14th to shareholders records on Thursday June15th worth $1:25 each share held confirming plans to sustain their stability going forward.
Analysts have been following Packaging Corporation’s performance closely — Wells Fargo dropped their price target from $135 to $126 per share recently which could be indicative for lower than expected earnings ahead; VNET Group reiterated their “maintains” rating for the shares; likewise StockNews.com initiated coverage on Packaging Co.’s performance offering “hold” ratings; meanwhile followed by Bank of America boosting its target price from $149 to $150 per share reinforcing a “neutral” rating with few holding and buy recommendations. According to Bloomberg, the consensus rating on the stock is currently “Hold” with a consensus price target of $127.29, speculation particularly robust as it looks set for another rally in Q3 2023.