Assenagon Asset Management S.A. Cuts Stock Position in Packaging Co. of America (NYSE:PKG)

Assenagon Asset Management S.A. reduced its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 69.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,959 shares of the industrial products company's stock after selling 122,562 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.06% of Packaging Co. of America worth $10,883,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PKG. Centricity Wealth Management LLC bought a new stake in Packaging Co. of America during the fourth quarter worth $44,000. Lazard Asset Management LLC raised its stake in shares of Packaging Co. of America by 1,033.3% in the fourth quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock valued at $45,000 after buying an additional 186 shares during the period. Rialto Wealth Management LLC bought a new stake in shares of Packaging Co. of America in the fourth quarter valued at $63,000. Ameriflex Group Inc. bought a new stake in shares of Packaging Co. of America in the fourth quarter valued at $64,000. Finally, Intact Investment Management Inc. bought a new stake in shares of Packaging Co. of America in the fourth quarter valued at $68,000. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Stock Performance

Shares of NYSE:PKG traded down $5.01 during midday trading on Friday, reaching $188.30. 524,068 shares of the company traded hands, compared to its average volume of 736,750. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 12 month low of $172.72 and a 12 month high of $250.82. The firm has a market capitalization of $16.94 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84. The firm's fifty day moving average price is $189.04 and its two-hundred day moving average price is $208.20.

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 EPS for the quarter, topping the consensus estimate 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 business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.12 billion. On average, equities analysts expect that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.66%. The ex-dividend date is Friday, June 13th. Packaging Co. of America's payout ratio is 52.30%.

Wall Street Analysts Forecast Growth

PKG has been the topic of several research reports. Truist Financial lowered 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 note on Tuesday, April 22nd. Wells Fargo & Company reiterated an "equal weight" rating and set a $180.00 price objective (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Wall Street Zen lowered Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Finally, UBS Group initiated coverage on Packaging Co. of America in a research note on Wednesday, June 4th. They set a "neutral" rating and a $200.00 price objective on the stock. Four 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $222.17.

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.