Allstate Corp Acquires Shares of 2,821 Packaging Corporation of America $PKG

Allstate Corp bought a new position in shares of Packaging Corporation of America (NYSE:PKG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,821 shares of the industrial products company’s stock, valued at approximately $615,000.

Other institutional investors have also made changes to their positions in the company. Trust Co. of Toledo NA OH bought a new position in Packaging Corporation of America during the second quarter worth $33,000. NBT Bank N A NY acquired a new stake in shares of Packaging Corporation of America during the 3rd quarter worth about $41,000. Geneos Wealth Management Inc. lifted its stake in shares of Packaging Corporation of America by 40.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 198 shares of the industrial products company’s stock worth $39,000 after buying an additional 57 shares during the last quarter. Global Wealth Strategies & Associates bought a new stake in shares of Packaging Corporation of America during the 3rd quarter worth about $44,000. Finally, CYBER HORNET ETFs LLC acquired a new position in Packaging Corporation of America in the 2nd quarter valued at about $44,000. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PKG. Weiss Ratings restated a “buy (b-)” rating on shares of Packaging Corporation of America in a research report on Monday, December 29th. Wells Fargo & Company upgraded Packaging Corporation of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $222.00 to $233.00 in a research note on Tuesday, January 6th. Citigroup lowered their price objective on Packaging Corporation of America from $229.00 to $226.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 6th. UBS Group lifted their target price on Packaging Corporation of America from $230.00 to $235.00 and gave the stock a “neutral” rating in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Packaging Corporation of America from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, December 5th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $236.17.

Packaging Corporation of America Stock Down 0.7%

PKG stock opened at $218.53 on Friday. Packaging Corporation of America has a 52 week low of $172.71 and a 52 week high of $241.96. The business has a 50-day simple moving average of $206.21 and a 200 day simple moving average of $206.23. The company has a quick ratio of 2.00, a current ratio of 3.16 and a debt-to-equity ratio of 0.84. The company has a market cap of $19.66 billion, a PE ratio of 22.10, a price-to-earnings-growth ratio of 1.68 and a beta of 0.88.

Packaging Corporation of America (NYSE:PKG) last announced its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.10). The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. Packaging Corporation of America had a return on equity of 19.72% and a net margin of 10.18%.The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.65 earnings per share. Sell-side analysts anticipate that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Monday, December 15th were given a dividend of $1.25 per share. The ex-dividend date was Monday, December 15th. This represents a $5.00 annualized dividend and a dividend yield of 2.3%. Packaging Corporation of America’s dividend payout ratio (DPR) is currently 50.56%.

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.