Bank of America Corp DE Sells 680,915 Shares of Packaging Co. of America (NYSE:PKG)

Bank of America Corp DE lowered its position in Packaging Co. of America (NYSE:PKG - Free Report) by 35.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,224,309 shares of the industrial products company's stock after selling 680,915 shares during the quarter. Bank of America Corp DE owned approximately 1.36% of Packaging Co. of America worth $275,629,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PKG. Vanguard Group Inc. increased its holdings in Packaging Co. of America by 1.2% in 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. Charles Schwab Investment Management Inc. increased its stake in shares of Packaging Co. of America by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,069,949 shares of the industrial products company's stock worth $691,138,000 after purchasing an additional 132,836 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Packaging Co. of America by 1.3% during the 4th 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 in the last quarter. Invesco Ltd. lifted its stake in shares of Packaging Co. of America by 0.8% in the 4th 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. Finally, Boston Partners boosted its holdings in Packaging Co. of America by 7.0% in the fourth quarter. Boston Partners now owns 1,565,351 shares of the industrial products company's stock worth $352,305,000 after purchasing an additional 101,755 shares in the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Packaging Co. of America Stock Performance

PKG traded down $2.00 during trading on Friday, reaching $181.42. 617,068 shares of the company's stock were exchanged, compared to its average volume of 707,042. The company has a market capitalization of $16.31 billion, a P/E ratio of 20.32, a PEG ratio of 2.41 and a beta of 0.85. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average price of $190.72 and a 200 day moving average price of $215.60. Packaging Co. of America has a fifty-two week low of $172.72 and a fifty-two week high of $250.82.

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

Packaging Co. of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wells Fargo & Company reissued an "equal weight" rating and issued a $180.00 price objective (down from $205.00) on shares of Packaging Co. of America in a research note on Friday. Truist Financial dropped their target price on shares of Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. StockNews.com cut shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Finally, Seaport Res Ptn raised Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 13th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.60.

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.