Allspring Global Investments Holdings LLC Has $3.73 Million Holdings in Packaging Corporation of America (NYSE:PKG)

Allspring Global Investments Holdings LLC reduced its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 36.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 18,630 shares of the industrial products company's stock after selling 10,622 shares during the period. Allspring Global Investments Holdings LLC's holdings in Packaging Corporation of America were worth $3,725,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PKG. Norges Bank acquired a new stake in Packaging Corporation of America during the 4th quarter worth approximately $258,928,000. GAMMA Investing LLC raised its stake in shares of Packaging Corporation of America by 25,461.0% in the 1st quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock valued at $123,047,000 after acquiring an additional 618,956 shares during the period. Balyasny Asset Management L.P. lifted its holdings in shares of Packaging Corporation of America by 106.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock valued at $190,999,000 after acquiring an additional 438,012 shares in the last quarter. Select Equity Group L.P. purchased a new stake in Packaging Corporation of America during the 4th quarter worth $72,339,000. Finally, Point72 Asset Management L.P. raised its position in Packaging Corporation of America by 642.7% in the fourth quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company's stock valued at $61,192,000 after purchasing an additional 235,211 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Price Performance

Shares of PKG traded up $1.38 during mid-day trading on Wednesday, reaching $204.15. The company had a trading volume of 738,306 shares, compared to its average volume of 746,646. The company's 50-day moving average is $191.63 and its 200-day moving average is $202.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.15. The company has a market capitalization of $18.37 billion, a P/E ratio of 21.35, a P/E/G ratio of 2.68 and a beta of 0.82. Packaging Corporation of America has a twelve month low of $172.72 and a twelve month high of $250.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.10. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Packaging Corporation of America had a net margin of 10.09% and a return on equity of 20.08%. On average, equities analysts anticipate that Packaging Corporation of America will post 10.44 EPS for the current year.

Packaging Corporation of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America's dividend payout ratio (DPR) is presently 52.30%.

Analyst Ratings Changes

Several research analysts recently commented on PKG shares. Wall Street Zen cut Packaging Corporation of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Truist Financial upped their target price on Packaging Corporation of America from $237.00 to $239.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Wells Fargo & Company reiterated an "equal weight" rating and set a $180.00 target price (down from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. Jefferies Financial Group lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price target for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. Finally, UBS Group upped their price objective on Packaging Corporation of America from $200.00 to $210.00 and gave the company a "neutral" rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $213.80.

Packaging Corporation of America 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.