Packaging Corp Of America (PKG) was Downgraded by Buckingham Research to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Buckingham Research advised their investors in a research report released on Jul 18, 2016.
On the company’s financial health, Packaging Corp Of America reported $1.11 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $1.01. The company had revenue of $1401.00 million for the quarter, compared to analysts expectations of $1398.13 million. The company’s revenue was down -1.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.01 EPS.
Packaging Corp Of America opened for trading at $72.33 and hit $75.08 on the upside on Friday, eventually ending the session at $74.03, with a gain of 3.06% or 2.2 points. The heightened volatility saw the trading volume jump to 13,76,660 shares. Company has a market cap of $6,967 M.
In a different news, on Apr 26, 2016, Charles J. Carter (SVP-Containerboard) sold 6,463 shares at $65.63 per share price. According to the SEC, on Mar 9, 2016, Thomas P. Maurer (director) purchased 2,000 shares at $53.47 per share price. On Nov 23, 2015, Mark W Kowlzan (CEO) sold 5,000 shares at $66.00 per share price, according to the Form-4 filing with the securities and exchange commission.
Packaging Corporation of America (PCA) is a producer of containerboard and white papers. The Company operates eight mills and 99 corrugated products manufacturing plants. The Companys operations are primarily in the United States and it has converting operations in Europe Mexico and Canada. The Company operates through three segments: Packaging Paper and Corporate and Other. The Companys corrugated products manufacturing plants produce a variety of corrugated packaging products including shipping containers used to protect and transport manufactured goods multi-color boxes and displays. It manufactures its Packaging products at five containerboard mills one containerboard machine corrugated manufacturing operations and protective packaging operations. Its Paper segment manufactures and sells white papers. Its Corporate and Other segment includes corporate support staff services and related assets and liabilities and foreign exchange gains and losses.