Allspring Global Investments Holdings LLC Trims Stock Position in Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Packaging Co. of America (NYSE:PKGGet Rating) by 30.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,023 shares of the industrial products company’s stock after selling 31,732 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Packaging Co. of America worth $8,086,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PKG. Clear Street Markets LLC increased its holdings in Packaging Co. of America by 397.4% in the 2nd quarter. Clear Street Markets LLC now owns 194 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 155 shares in the last quarter. Bogart Wealth LLC increased its holdings in Packaging Co. of America by 455.6% in the 2nd quarter. Bogart Wealth LLC now owns 200 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 164 shares in the last quarter. Private Trust Co. NA purchased a new stake in Packaging Co. of America in the 2nd quarter worth approximately $28,000. Newfound Research LLC purchased a new stake in Packaging Co. of America in the 3rd quarter worth approximately $35,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Packaging Co. of America in the 2nd quarter worth approximately $52,000. Hedge funds and other institutional investors own 90.39% of the company’s stock.

Wall Street Analyst Weigh In

PKG has been the subject of several analyst reports. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Friday. Citigroup increased their target price on shares of Packaging Co. of America from $123.00 to $130.00 in a report on Wednesday, January 4th. Wells Fargo & Company upped their price target on Packaging Co. of America from $124.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Monday, January 9th. BMO Capital Markets dropped their price target on Packaging Co. of America from $155.00 to $130.00 in a research note on Wednesday, October 26th. Finally, Truist Financial dropped their price target on Packaging Co. of America from $175.00 to $152.00 and set a “buy” rating for the company in a research note on Thursday, September 29th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Packaging Co. of America currently has an average rating of “Hold” and an average price target of $135.22.

Packaging Co. of America Stock Down 0.4 %

NYSE PKG opened at $135.40 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.99 and a current ratio of 3.02. The company has a market capitalization of $12.53 billion, a P/E ratio of 12.33, a P/E/G ratio of 2.99 and a beta of 0.86. Packaging Co. of America has a one year low of $110.56 and a one year high of $168.50. The stock has a 50 day moving average price of $131.12 and a 200-day moving average price of $130.69.

Packaging Co. of America (NYSE:PKGGet Rating) last posted its earnings results on Monday, October 24th. The industrial products company reported $2.83 EPS for the quarter, meeting analysts’ consensus estimates of $2.83. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.20 billion. Packaging Co. of America had a return on equity of 28.32% and a net margin of 12.09%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.69 EPS. As a group, equities analysts predict that Packaging Co. of America will post 11.02 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Monday, December 19th were given a $1.25 dividend. The ex-dividend date of this dividend was Friday, December 16th. This represents a $5.00 dividend on an annualized basis and a yield of 3.69%. Packaging Co. of America’s dividend payout ratio is presently 45.54%.

Packaging Co. of America Profile

(Get Rating)

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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