Packaging Corp Of America (PKG) is Upgraded by BofA/Merrill to Buy

Packaging Corp Of America (PKG) was Upgraded by BofA/Merrill to ” Buy”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Oct 18, 2016.

Many Wall Street Analysts have commented on Packaging Corp Of America. Goldman Initiated Packaging Corp Of America on Sep 22, 2016 to “Sell”, Price Target of the shares are set at $77.Company shares were Reiterated by Barclays on Jul 25, 2016 to “Overweight”, Firm has raised the Price Target to $ 81 from a previous price target of $71 .

On the company’s financial health, Packaging Corp Of America reported $1.25 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $1.18. The company had revenue of $1417.40 million for the quarter, compared to analysts expectations of $1455.32 million. The company’s revenue was down -2.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.18 EPS.

Packaging Corp Of America opened for trading at $81.78 and hit $83.13 on the upside on Friday, eventually ending the session at $82.6, with a gain of 1.54% or 1.25 points. The heightened volatility saw the trading volume jump to 7,97,535 shares. Company has a market cap of $7,783 M.

In a different news, on Jul 25, 2016, Thomas W.h. Walton (SVP) sold 9,000 shares at $73.64 per share price. According to the SEC, on Jul 25, 2016, Kent A. Pflederer (SVP) sold 1,100 shares at $74.30 per share price. On Apr 26, 2016, Charles J. Carter (SVP-Containerboard) sold 6,463 shares at $65.63 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 Company’s 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 Company’s 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.

Packaging Corp Of America

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