Packaging Co. of America (NYSE:PKG) Shares Purchased by abrdn plc

Posted by Defense World Staff on May 24th, 2023

abrdn plc increased its position in shares of Packaging Co. of America (NYSE:PKG – Get Rating) by 7.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,111 shares of the industrial products company’s stock after buying an additional 1,688 shares during the period. abrdn plc’s holdings in Packaging Co. of America were worth $3,084,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Packaging Co. of America in the 4th quarter valued at about $36,000. Quent Capital LLC grew its stake in Packaging Co. of America by 80.2% in the 3rd quarter. Quent Capital LLC now owns 337 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 150 shares during the period. Rise Advisors LLC purchased a new stake in Packaging Co. of America in the 4th quarter worth $40,000. General Partner Inc. acquired a new position in Packaging Co. of America during the fourth quarter worth $49,000. Finally, U.S. Capital Wealth Advisors LLC purchased a new position in Packaging Co. of America during the fourth quarter valued at $64,000. Hedge funds and other institutional investors own 90.39% of the company’s stock.

Packaging Co. of America Price Performance

PKG stock opened at $127.93 on Wednesday. Packaging Co. of America has a 52-week low of $110.56 and a 52-week high of $162.93. The business has a fifty day moving average of $135.52 and a two-hundred day moving average of $134.63. The stock has a market cap of $11.50 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 3.18 and a beta of 0.87. The company has a quick ratio of 1.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.66.

Packaging Co. of America (NYSE:PKG – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.07). Packaging Co. of America had a return on equity of 25.59% and a net margin of 11.61%. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the previous year, the business posted $2.72 earnings per share. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. As a group, research analysts anticipate that Packaging Co. of America will post 8.12 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Thursday, June 15th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $5.00 annualized dividend and a dividend yield of 3.91%. Packaging Co. of America’s dividend payout ratio is currently 47.98%.

Analysts Set New Price Targets

PKG has been the subject of several research analyst reports. Wells Fargo & Company reduced their price target on shares of Packaging Co. of America from $135.00 to $126.00 in a research report on Wednesday, April 26th. StockNews.com began coverage on Packaging Co. of America in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Bank of America increased their price objective on Packaging Co. of America from $149.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, April 20th. 22nd Century Group restated a “maintains” rating on shares of Packaging Co. of America in a report on Wednesday, April 26th. Finally, VNET Group reiterated a “maintains” rating on shares of Packaging Co. of America in a research report on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $127.29.

About Packaging Co. of America

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Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.