Cerity Partners LLC Purchases 4,179 Shares of Packaging Corporation of America (NYSE:PKG)

Cerity Partners LLC lifted its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 25.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,390 shares of the industrial products company's stock after acquiring an additional 4,179 shares during the quarter. Cerity Partners LLC's holdings in Packaging Corporation of America were worth $4,038,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC grew its holdings in Packaging Corporation of America by 20.6% during the first quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company's stock worth $77,000 after purchasing an additional 66 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in Packaging Corporation of America by 1.9% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,771 shares of the industrial products company's stock valued at $849,000 after purchasing an additional 70 shares in the last quarter. Avidian Wealth Enterprises LLC raised its position in Packaging Corporation of America by 6.1% during the first quarter. Avidian Wealth Enterprises LLC now owns 1,308 shares of the industrial products company's stock valued at $259,000 after purchasing an additional 75 shares in the last quarter. Colonial Trust Co SC raised its position in Packaging Corporation of America by 3.9% during the fourth quarter. Colonial Trust Co SC now owns 2,071 shares of the industrial products company's stock valued at $466,000 after purchasing an additional 78 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV raised its position in Packaging Corporation of America by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 10,857 shares of the industrial products company's stock valued at $2,466,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Jefferies Financial Group downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their price target for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Wells Fargo & Company upped their price target 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, July 10th. Wall Street Zen cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. UBS Group raised their price target on shares of Packaging Corporation of America from $200.00 to $210.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Finally, Truist Financial raised their price target on shares of 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. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $217.80.

Packaging Corporation of America Stock Performance

Shares of Packaging Corporation of America stock traded down $2.42 during mid-day trading on Friday, hitting $199.82. 913,585 shares of the stock were exchanged, compared to its average volume of 748,825. The company has a 50-day simple moving average of $194.15 and a 200 day simple moving average of $201.50. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. Packaging Corporation of America has a 12 month low of $172.72 and a 12 month high of $250.82. The company has a market capitalization of $17.98 billion, a P/E ratio of 20.90, a P/E/G ratio of 2.68 and a beta of 0.82.

Packaging Corporation 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 (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.10. Packaging Corporation of America had a net margin of 10.09% and a return on equity of 20.08%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. Sell-side analysts anticipate that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

Packaging Corporation of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.50%. Packaging Corporation of America's dividend payout ratio is 52.30%.

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.