Allspring Global Investments Holdings LLC Has $3.73 Million Holdings in Packaging Corporation of America (NYSE:PKG)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Packaging Corporation of America (NYSE:PKG) by 36.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,630 shares of the industrial products company’s stock after selling 10,622 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Packaging Corporation of America were worth $3,725,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Packaging Corporation of America by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 11,423,715 shares of the industrial products company’s stock worth $2,571,821,000 after buying an additional 133,575 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Packaging Corporation of America by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,366,723 shares of the industrial products company’s stock valued at $531,540,000 after purchasing an additional 29,427 shares during the last quarter. Invesco Ltd. grew its position in shares of Packaging Corporation of America by 0.8% in the fourth quarter. Invesco Ltd. now owns 1,853,092 shares of the industrial products company’s stock valued at $417,187,000 after purchasing an additional 14,775 shares during the last quarter. Boston Partners grew its position in shares of Packaging Corporation of America by 7.0% in the fourth quarter. Boston Partners now owns 1,565,351 shares of the industrial products company’s stock valued at $352,305,000 after purchasing an additional 101,755 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Packaging Corporation of America in the fourth quarter valued at approximately $258,928,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Wall Street Analyst Weigh In

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

Packaging Corporation of America Stock Up 0.2%

NYSE PKG opened at $202.29 on Monday. The business has a fifty day moving average price of $190.63 and a two-hundred day moving average price of $202.67. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.15. Packaging Corporation of America has a fifty-two week low of $172.72 and a fifty-two week high of $250.82. The stock has a market capitalization of $18.20 billion, a PE ratio of 21.16, a PEG ratio of 2.67 and a beta of 0.82.

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

Packaging Corporation of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.47%. Packaging Corporation of America’s dividend payout ratio (DPR) is presently 52.30%.

About Packaging Corporation of America

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.