Bank of New York Mellon Corp Sells 18,951 Shares of Packaging Corporation of America (NYSE:PKG)

Bank of New York Mellon Corp lessened its holdings in Packaging Corporation of America (NYSE:PKG - Free Report) by 2.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 781,448 shares of the industrial products company's stock after selling 18,951 shares during the period. Bank of New York Mellon Corp owned 0.87% of Packaging Corporation of America worth $154,742,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PKG. Brookstone Capital Management grew its holdings in Packaging Corporation of America by 718.0% in the 1st quarter. Brookstone Capital Management now owns 10,086 shares of the industrial products company's stock valued at $1,997,000 after buying an additional 8,853 shares during the period. IFM Investors Pty Ltd grew its position in Packaging Corporation of America by 8.2% during the first quarter. IFM Investors Pty Ltd now owns 18,344 shares of the industrial products company's stock valued at $3,951,000 after acquiring an additional 1,394 shares during the period. Conning Inc. lifted its stake in shares of Packaging Corporation of America by 17.3% in the 1st quarter. Conning Inc. now owns 168,431 shares of the industrial products company's stock valued at $33,353,000 after purchasing an additional 24,829 shares in the last quarter. Coastline Trust Co grew its holdings in shares of Packaging Corporation of America by 16.0% during the 1st quarter. Coastline Trust Co now owns 908 shares of the industrial products company's stock worth $180,000 after purchasing an additional 125 shares during the period. Finally, Keybank National Association OH raised its holdings in Packaging Corporation of America by 1.7% in the first quarter. Keybank National Association OH now owns 12,103 shares of the industrial products company's stock valued at $2,397,000 after buying an additional 206 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Performance

Packaging Corporation of America stock traded down $1.34 during midday trading on Friday, reaching $205.90. 432,717 shares of the stock traded hands, compared to its average volume of 747,594. The firm has a fifty day moving average price of $192.48 and a two-hundred day moving average price of $202.20. Packaging Corporation of America has a fifty-two week low of $172.72 and a fifty-two week high of $250.82. The firm has a market cap of $18.53 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 2.74 and a beta of 0.82. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55.

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 EPS for the quarter, topping the consensus estimate of $2.21 by $0.10. The firm had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. On average, equities research analysts forecast that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.43%. Packaging Corporation of America's dividend payout ratio is 52.30%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. UBS Group raised their target price on Packaging Corporation of America from $200.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a research report on Thursday. Truist Financial boosted their target price on shares of Packaging Corporation of America from $237.00 to $239.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Jefferies Financial Group lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their price target for the company from $245.00 to $205.00 in a report on Monday, June 16th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $217.80.

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.