Mackenzie Financial Corp Purchases 5,388 Shares of Packaging Co. of America (NYSE:PKG)

Mackenzie Financial Corp boosted its position in Packaging Co. of America (NYSE:PKGGet Rating) by 284.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,284 shares of the industrial products company’s stock after acquiring an additional 5,388 shares during the period. Mackenzie Financial Corp’s holdings in Packaging Co. of America were worth $1,002,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Nova Scotia raised its position in shares of Packaging Co. of America by 41.1% in the first quarter. Bank of Nova Scotia now owns 37,105 shares of the industrial products company’s stock valued at $5,792,000 after purchasing an additional 10,801 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in Packaging Co. of America by 517.7% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 13,842 shares of the industrial products company’s stock valued at $2,161,000 after buying an additional 11,601 shares in the last quarter. DAVENPORT & Co LLC bought a new stake in Packaging Co. of America during the 1st quarter valued at $205,000. Arizona State Retirement System raised its holdings in Packaging Co. of America by 2.2% during the 1st quarter. Arizona State Retirement System now owns 26,441 shares of the industrial products company’s stock valued at $4,128,000 after acquiring an additional 577 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Packaging Co. of America by 2.4% during the first quarter. Principal Financial Group Inc. now owns 416,730 shares of the industrial products company’s stock worth $65,055,000 after acquiring an additional 9,584 shares in the last quarter. 89.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Jefferies Financial Group cut Packaging Co. of America from a “hold” rating to an “underperform” rating and reduced their price target for the company from $130.00 to $112.00 in a research report on Friday, September 16th. BMO Capital Markets lowered their price target on shares of Packaging Co. of America from $155.00 to $130.00 in a report on Wednesday, October 26th. Truist Financial reduced their target price on Packaging Co. of America from $175.00 to $152.00 and set a “buy” rating for the company in a research report on Thursday, September 29th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Packaging Co. of America from $104.00 to $99.00 in a research report on Thursday, October 27th. Finally, Citigroup reduced their price target on shares of Packaging Co. of America from $147.00 to $124.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Packaging Co. of America currently has a consensus rating of “Hold” and a consensus target price of $133.89.

Packaging Co. of America Price Performance

Packaging Co. of America stock opened at $133.35 on Thursday. The company has a quick ratio of 1.99, a current ratio of 3.02 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $12.34 billion, a PE ratio of 12.14, a P/E/G ratio of 2.38 and a beta of 0.84. The firm’s 50-day simple moving average is $119.96 and its 200 day simple moving average is $135.69. Packaging Co. of America has a 52 week low of $110.56 and a 52 week high of $168.50.

Packaging Co. of America (NYSE:PKGGet Rating) last issued its quarterly earnings results on Tuesday, October 25th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.02. Packaging Co. of America had a return on equity of 28.32% and a net margin of 12.09%. The company had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the firm earned $2.69 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities research analysts predict that Packaging Co. of America will post 11.02 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Monday, October 3rd were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend was Friday, September 30th. Packaging Co. of America’s dividend payout ratio is currently 45.54%.

Packaging Co. of America Profile

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Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.

Further Reading

Institutional Ownership by Quarter for Packaging Co. of America (NYSE:PKG)

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