Bank of New York Mellon Corp Cuts Stock Holdings in Packaging Corporation of America (NYSE:PKG)

Bank of New York Mellon Corp lessened its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the 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 about 0.87% of Packaging Corporation of America worth $154,742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Packaging Corporation of America by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 11,423,715 shares of the industrial products company's stock valued at $2,571,821,000 after purchasing an additional 133,575 shares during the period. Geode Capital Management LLC lifted its position in Packaging Corporation of America by 1.3% during the fourth 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 during the period. Invesco Ltd. lifted its position in Packaging Corporation of America by 0.8% during the fourth 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 period. Boston Partners lifted its position in Packaging Corporation of America by 7.0% during the fourth quarter. Boston Partners now owns 1,565,351 shares of the industrial products company's stock valued at $352,305,000 after purchasing an additional 101,755 shares during the period. Finally, Norges Bank bought a new position in Packaging Corporation of America during the fourth quarter valued at approximately $258,928,000. Institutional investors own 89.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PKG. Wall Street Zen downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Truist Financial increased their price target 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. Jefferies Financial Group downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and decreased their price target for the stock from $245.00 to $205.00 in a research report on Monday, June 16th. Wells Fargo & Company increased their price target on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Thursday. Finally, UBS Group increased their price target on shares of Packaging Corporation of America from $200.00 to $210.00 and gave the stock a "neutral" rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Packaging Corporation of America has an average rating of "Hold" and a consensus target price of $217.80.

Packaging Corporation of America Price Performance

Shares of NYSE PKG traded down $1.34 during midday trading on Friday, reaching $205.90. The stock had a trading volume of 432,716 shares, compared to its average volume of 746,284. The stock has a 50-day moving average of $192.11 and a 200-day moving average of $202.36. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. The company has a market capitalization of $18.53 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 2.70 and a beta of 0.82. Packaging Corporation of America has a 12-month low of $172.72 and a 12-month high of $250.82.

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

Packaging Corporation of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be paid 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 yield of 2.43%. Packaging Corporation of America's payout ratio is 52.30%.

Packaging Corporation 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.