Ameriprise Financial Inc. Decreases Stake in Packaging Co. of America (NYSE:PKG)

Ameriprise Financial Inc. cut its stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,857,917 shares of the industrial products company's stock after selling 70,354 shares during the quarter. Ameriprise Financial Inc. owned approximately 2.07% of Packaging Co. of America worth $418,284,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PKG. Fortitude Family Office LLC increased its position in shares of Packaging Co. of America by 150.8% in the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company's stock valued at $37,000 after purchasing an additional 98 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in Packaging Co. of America in the fourth quarter valued at $44,000. Golden State Wealth Management LLC acquired a new stake in Packaging Co. of America in the fourth quarter valued at $48,000. Rialto Wealth Management LLC purchased a new stake in Packaging Co. of America during the 4th quarter worth about $63,000. Finally, Intact Investment Management Inc. acquired a new position in shares of Packaging Co. of America during the 4th quarter worth about $68,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PKG. Seaport Res Ptn upgraded Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. Wells Fargo & Company restated an "equal weight" rating and set a $180.00 price objective (down previously from $205.00) on shares of Packaging Co. of America in a research report on Friday. StockNews.com cut shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Finally, Truist Financial cut their target price on Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, three have 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 "Moderate Buy" and a consensus target price of $226.60.

Packaging Co. of America Stock Performance

Packaging Co. of America stock traded down $2.00 during midday trading on Friday, hitting $181.42. 617,068 shares of the company's stock were exchanged, compared to its average volume of 705,604. The firm's 50 day simple moving average is $190.72 and its 200 day simple moving average is $215.69. Packaging Co. of America has a 12-month low of $172.72 and a 12-month high of $250.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The stock has a market cap of $16.31 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.21 by $0.10. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. Equities research analysts predict that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 annualized dividend and a yield of 2.76%. Packaging Co. of America's dividend payout ratio is currently 52.30%.

About Packaging Co. 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.