Comerica Bank Sells 1,853 Shares of Packaging Co. of America (NYSE:PKG)

Comerica Bank trimmed its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,277 shares of the industrial products company's stock after selling 1,853 shares during the period. Comerica Bank's holdings in Packaging Co. of America were worth $8,617,000 at the end of the most recent reporting period.

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

Packaging Co. of America Trading Down 0.0 %

PKG traded down $0.03 during trading on Wednesday, reaching $180.09. The company had a trading volume of 551,914 shares, compared to its average volume of 701,994. The firm's 50-day simple moving average is $192.32 and its 200 day simple moving average is $216.43. 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 company has a market cap of $16.20 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 2.41 and a beta of 0.85. Packaging Co. of America has a 12-month low of $172.72 and a 12-month high of $250.82.

Packaging Co. of America (NYSE:PKG - Get Free Report) last issued its quarterly 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 the consensus estimate of $2.12 billion. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. Equities research analysts anticipate that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.78%. Packaging Co. of America's dividend payout ratio (DPR) is currently 52.30%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Packaging Co. of America from $209.00 to $205.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Truist Financial cut their price target on shares of Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Seaport Res Ptn raised shares of Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. Finally, StockNews.com lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $231.60.

Packaging Co. of America Company Profile

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.