Citigroup has announced that it is maintaining its Neutral recommendation for Packaging Corp Of America (PKG), a company listed on the New York Stock Exchange (NYSE).

This means that Citigroup neither advises buying nor selling PKG stocks at this time.

Based on recent data as of 6 July 2023, industry analysts have provided their average one-year price target for Packaging Corp Of America.

The forecasted range for the stock’s price varies from a low of $104.03 to a high of $173.25, with the average target being $134.07.

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This average represents a projected increase of 1.62% from the latest reported closing price of $131.93.

Projected revenue and earnings

The projected annual revenue for Packaging Corp Of America is estimated to be $8,419m, which reflects a 1.22% increase. Additionally, the projected annual non-GAAP (Generally Accepted Accounting Principles) EPS (Earnings Per Share) is expected to be $9.60.

On 2 May 2023, Packaging Corp Of America declared a regular quarterly dividend of $1.25 per share ($5.00 annualised). Shareholders who were recorded as of 15 June 2023 will receive this payment on 14 July 2023.

It is worth noting that the company previously paid a dividend of $1.25 per share.

With the current share price at $131.93, Packaging Corp Of America’s dividend yield stands at 3.79%. Looking back over the past five years and analysing weekly samples, the average dividend yield has been 3.17%.

The lowest recorded yield was 2.34% while the highest reached 4.43%. The standard deviation of yields is 0.43, based on a sample size of 235.

Comparing the current dividend yield to the historical average, it is 1.43 standard deviations above the norm. Furthermore, the company’s dividend payout ratio, which indicates the proportion of income paid out as dividends, is 0.46. A ratio greater than 1.0 suggests that the company is using its savings to maintain the dividend, which is generally considered unhealthy.

In contrast, companies with good growth prospects often retain earnings for investments, resulting in a payout ratio between 0 and 0.5.

Fund sentiment and shareholder positions

As of the latest report, there are 1,377 funds or institutions reporting their positions in Packaging Corp Of America. This represents a decrease of 25 owners or 1.78% in the last quarter.

On average, all funds dedicated to PKG hold a portfolio weight of 0.22%, which has decreased by 21.21%. The total shares owned by institutions have decreased by 0.35% over the last three months to 94,258K shares.

Additionally, the put/call ratio of PKG is 0.96, indicating a bullish outlook.

Notable shareholder activity

Several major financial institutions hold significant shares of Packaging Corp Of America. Bank of America currently owns 4,483K shares, representing 5.03% ownership of the company.

In their previous filing, they reported owning 3,905K shares, indicating a 12.90% increase. JPMorgan Chase owns 3,655K shares, representing 4.10% ownership, with a slight increase of 0.51% from their prior filing.

American Century Companies owns 3,567K shares, representing 4.00% ownership, having increased their portfolio allocation by 1.72%. Victory Capital Management owns 3,236K shares, representing 3.63% ownership, with a decrease of 0.79% from their previous filing.

Lastly, VTSMX – Vanguard Total Stock Market Index Fund Investor Shares owns 2,777K shares, representing 3.12% ownership, with a decrease of 1.27%.