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

Allspring Global Investments Holdings LLC raised its stake in shares of Packaging Co. of America (NYSE:PKG) by 90.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,431 shares of the industrial products company’s stock after acquiring an additional 6,368 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Packaging Co. of America were worth $2,188,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Packaging Co. of America during the 3rd quarter valued at approximately $25,000. Clear Street Markets LLC raised its stake in Packaging Co. of America by 94.6% during the 1st quarter. Clear Street Markets LLC now owns 181 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 88 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in Packaging Co. of America during the 4th quarter valued at approximately $28,000. Anchor Investment Management LLC purchased a new stake in Packaging Co. of America during the 4th quarter valued at approximately $37,000. Finally, Money Concepts Capital Corp raised its stake in Packaging Co. of America by 60.0% during the 4th quarter. Money Concepts Capital Corp now owns 264 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 99 shares during the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on PKG. BNP Paribas downgraded Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective for the company. in a research note on Friday, April 12th. Bank of America upgraded Packaging Co. of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $172.00 to $202.00 in a research report on Monday, March 4th. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup boosted their target price on Packaging Co. of America from $172.00 to $183.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, Truist Financial boosted their target price on Packaging Co. of America from $170.00 to $187.00 and gave the stock a “buy” rating in a research report on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $171.29.

Packaging Co. of America Stock Performance

PKG opened at $179.89 on Monday. The stock has a market cap of $16.15 billion, a P/E ratio of 21.21, a P/E/G ratio of 4.33 and a beta of 0.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.57 and a quick ratio of 1.77. The stock’s 50 day simple moving average is $181.22 and its 200 day simple moving average is $167.69. Packaging Co. of America has a 1-year low of $122.20 and a 1-year high of $191.27.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.30. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.35 EPS. As a group, equities analysts anticipate that Packaging Co. of America will post 8.31 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 15th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, March 14th. Packaging Co. of America’s dividend payout ratio is currently 58.96%.

Insider Buying and Selling

In related news, VP Thomas A. Hassfurther sold 13,850 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total value of $2,507,681.00. Following the sale, the vice president now owns 187,647 shares in the company, valued at approximately $33,975,365.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 13,850 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the sale, the vice president now owns 187,647 shares in the company, valued at approximately $33,975,365.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas A. Hassfurther sold 14,191 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total value of $2,466,395.80. Following the sale, the vice president now owns 183,930 shares in the company, valued at approximately $31,967,034. The disclosure for this sale can be found here. Insiders have sold a total of 38,041 shares of company stock worth $6,799,177 in the last quarter. Company insiders own 1.60% of the company’s stock.

Packaging Co. of America Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. 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.