Packaging Corporation of America (NYSE:PKG) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its holdings in Packaging Corporation of America (NYSE:PKG) by 2.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,448 shares of the industrial products company’s stock after acquiring an additional 280 shares during the quarter. State of Alaska Department of Revenue’s holdings in Packaging Corporation of America were worth $2,068,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Allworth Financial LP raised its stake in shares of Packaging Corporation of America by 26.0% during the 4th quarter. Allworth Financial LP now owns 393 shares of the industrial products company’s stock worth $94,000 after buying an additional 81 shares during the last quarter. Truist Financial Corp increased its position in Packaging Corporation of America by 4.8% during the 4th quarter. Truist Financial Corp now owns 24,351 shares of the industrial products company’s stock worth $5,482,000 after purchasing an additional 1,122 shares in the last quarter. D.A. Davidson & CO. purchased a new stake in Packaging Corporation of America during the 4th quarter worth about $224,000. Global Retirement Partners LLC increased its position in Packaging Corporation of America by 83.8% during the 4th quarter. Global Retirement Partners LLC now owns 307 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 140 shares in the last quarter. Finally, Ieq Capital LLC increased its position in Packaging Corporation of America by 21.3% during the 4th quarter. Ieq Capital LLC now owns 6,940 shares of the industrial products company’s stock worth $1,563,000 after purchasing an additional 1,221 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $180.00 price objective (down previously from $205.00) on shares of Packaging Corporation of America in a research report on Friday, May 9th. Truist Financial lifted their price objective on Packaging Corporation of America from $237.00 to $239.00 and gave the stock a “buy” rating in a research report on Tuesday, June 17th. Jefferies Financial Group cut Packaging Corporation of America from a “buy” rating to a “hold” rating and lowered their price target for the company from $245.00 to $205.00 in a report on Monday, June 16th. Wall Street Zen cut Packaging Corporation of America from a “buy” rating to a “hold” rating in a report on Sunday, April 6th. Finally, UBS Group initiated coverage on Packaging Corporation of America in a report on Wednesday, June 4th. They issued a “neutral” rating and a $200.00 price target for the company. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Packaging Corporation of America currently has a consensus rating of “Hold” and an average target price of $211.80.

Packaging Corporation of America Stock Performance

Packaging Corporation of America stock opened at $188.96 on Tuesday. The stock’s 50 day moving average price is $189.13 and its 200 day moving average price is $205.24. The firm has a market capitalization of $17.00 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 2.47 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. Packaging Corporation of America has a one year low of $172.72 and a one year high of $250.82.

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.21 by $0.10. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. As a group, sell-side analysts expect that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America’s payout ratio is 52.30%.

Packaging Corporation of America Company Profile

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.