Packaging Corporation of America $PKG Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its holdings in Packaging Corporation of America (NYSE:PKG) by 2.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 153,476 shares of the industrial products company’s stock after selling 3,830 shares during the quarter. California Public Employees Retirement System owned 0.17% of Packaging Corporation of America worth $32,571,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PKG. Vanguard Group Inc. lifted its holdings in Packaging Corporation of America by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 11,279,442 shares of the industrial products company’s stock worth $2,326,159,000 after buying an additional 51,790 shares in the last quarter. State Street Corp increased its position in shares of Packaging Corporation of America by 1.3% during the fourth quarter. State Street Corp now owns 4,185,761 shares of the industrial products company’s stock worth $868,349,000 after acquiring an additional 54,884 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Packaging Corporation of America by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,478,505 shares of the industrial products company’s stock worth $717,372,000 after acquiring an additional 83,978 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Packaging Corporation of America by 7.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,316,670 shares of the industrial products company’s stock valued at $683,997,000 after acquiring an additional 231,474 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Packaging Corporation of America by 2.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,816,736 shares of the industrial products company’s stock valued at $580,897,000 after acquiring an additional 73,047 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Corporation of America Trading Down 0.1%

PKG opened at $228.16 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.88 and a current ratio of 3.07. Packaging Corporation of America has a one year low of $189.03 and a one year high of $249.51. The company has a market cap of $20.33 billion, a P/E ratio of 27.76, a PEG ratio of 2.13 and a beta of 0.80. The business’s 50-day simple moving average is $226.14 and its 200-day simple moving average is $222.17.

Packaging Corporation of America (NYSE:PKG) last posted its earnings results on Wednesday, April 22nd. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.23. The firm had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.45 billion. Packaging Corporation of America had a return on equity of 19.27% and a net margin of 8.04%.The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.31 earnings per share. As a group, equities research analysts expect that Packaging Corporation of America will post 10.46 EPS for the current fiscal year.

Packaging Corporation of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a dividend of $1.50 per share. The ex-dividend date was Monday, June 15th. This represents a $6.00 annualized dividend and a dividend yield of 2.6%. This is a boost from Packaging Corporation of America’s previous quarterly dividend of $1.25. Packaging Corporation of America’s payout ratio is presently 72.99%.

Insider Buying and Selling at Packaging Corporation of America

In related news, CEO Mark W. Kowlzan sold 9,266 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $217.08, for a total value of $2,011,463.28. Following the completion of the sale, the chief executive officer directly owned 473,610 shares of the company’s stock, valued at $102,811,258.80. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised Packaging Corporation of America from a “hold” rating to a “buy” rating and boosted their target price for the stock from $225.00 to $256.00 in a research note on Monday, May 4th. Truist Financial lifted their price objective on Packaging Corporation of America from $258.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Bank of America boosted their price objective on Packaging Corporation of America from $242.00 to $263.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Citigroup upped their target price on shares of Packaging Corporation of America from $229.00 to $241.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $246.00 target price (up from $245.00) on shares of Packaging Corporation of America in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $256.14.

Packaging Corporation of America Profile

Packaging Corporation of America (NYSE: PKG) is a leading North American manufacturer of containerboard and corrugated packaging products. The company produces a range of paper-based packaging solutions including linerboard, corrugating medium, corrugated shipping containers, retail-ready packaging and point-of-purchase displays. In addition to core packaging products, Packaging Corporation of America offers packaging design, testing and supply-chain services intended to optimize protection, cost and sustainability for customers.

Headquartered in Lake Forest, Illinois, the company operates an integrated network of mills and corrugated manufacturing facilities across the United States and serves customers throughout North America in industries such as e-commerce, grocery and food & beverage, consumer packaged goods and industrial markets.