Packaging Corp of America

Packaging Corp of America shares rose to a 52-week high of $250.43; the stock is currently at $246.14 with a market capitalization of about $21.9 billion. Over the past year the shares climbed 18.86%. For the second quarter the company reported adjusted earnings of $2.35 per share (expectation $2.31) and revenue of $2.49 billion, while deliveries in the core business increased by more than 24%. Higher freight costs, more expensive recycled fibers and operational outages weighed on margins; the stock offers a dividend yield of 2.57% and has paid a dividend for 24 years. » More on de.investing.com

Truist reaffirms a buy rating for Packaging Corporation of America and highlights the company as an industry leader with strong pricing power. The acquisition of GEF’s corrugated raw-paper business expands capacity and provides upside beyond the $60 million synergy target; the dividend was most recently increased by 20%. Positive demand trends and announced price increases (each $50/ton) should offset rising input costs and could add roughly $290 million of annualized EBITDA for Packaging Corporation for every $50/ton increase. » More on de.investing.com

Packaging Corporation of America will shut its converting plant in Richmond, Virginia, effective June, eliminating 110 jobs according to a WARN filing. PCA said it will coordinate with state and local authorities, assist employees seeking relocation to other PCA sites and continue operating a satellite warehouse in North Chesterfield while discussing staffing with the USW union. The closure follows earlier downsizing in Wallula, Washington, and recent plant closures in Allentown and Salisbury amid concurrent investments in other parts of PCA’s network. » More on finance.yahoo.com