Cetera Investment Advisers Raises Stake in Packaging Corporation of America (NYSE:PKG)

Key Points

• Cetera Investment Advisers increased its stake in Packaging Corporation of America by 35.6%, owning 27,713 shares valued at approximately $5.49 million as of the latest SEC filing.
• Wall Street analysts have recently adjusted target prices for Packaging Corporation of America, with UBS raising it from $210 to $220, while Citigroup increased theirs from $197 to $214, both maintaining a "neutral" rating.
• The company reported earnings per share of $2.48 for the latest quarter, surpassing expectations while also announcing a quarterly dividend of $1.25 per share, reflecting a yield of 2.6%.

Cetera Investment Advisers grew its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 35.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,713 shares of the industrial products company's stock after purchasing an additional 7,270 shares during the quarter. Cetera Investment Advisers' holdings in Packaging Corporation of America were worth $5,488,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PKG. Avantax Advisory Services Inc. boosted its stake in shares of Packaging Corporation of America by 2.7% in the 1st quarter. Avantax Advisory Services Inc. now owns 17,868 shares of the industrial products company's stock valued at $3,538,000 after purchasing an additional 472 shares in the last quarter. Carnegie Investment Counsel raised its holdings in shares of Packaging Corporation of America by 12.7% in the first quarter. Carnegie Investment Counsel now owns 8,900 shares of the industrial products company's stock valued at $1,611,000 after buying an additional 1,004 shares during the last quarter. Machina Capital S.A.S. raised its holdings in shares of Packaging Corporation of America by 11.9% in the first quarter. Machina Capital S.A.S. now owns 11,956 shares of the industrial products company's stock valued at $2,368,000 after buying an additional 1,270 shares during the last quarter. Pinnacle Associates Ltd. raised its holdings in shares of Packaging Corporation of America by 26.5% in the first quarter. Pinnacle Associates Ltd. now owns 1,537 shares of the industrial products company's stock valued at $304,000 after buying an additional 322 shares during the last quarter. Finally, Mount Lucas Management LP bought a new position in shares of Packaging Corporation of America in the first quarter valued at about $1,402,000. Institutional investors own 89.78% of the company's stock.

Wall Street Analysts Forecast Growth

PKG has been the subject of several recent research reports. Truist Financial dropped their price objective on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company in a report on Friday, July 25th. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Wall Street Zen cut Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Citigroup boosted their price objective on Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, UBS Group boosted their price objective on Packaging Corporation of America from $210.00 to $220.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Five research 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 company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $215.40.

Packaging Corporation of America Price Performance

Shares of NYSE PKG traded down $2.40 during mid-day trading on Friday, reaching $191.35. The company had a trading volume of 615,940 shares, compared to its average volume of 705,724. 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 one year low of $172.71 and a one year high of $250.82. The firm has a market cap of $17.22 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 2.25 and a beta of 0.85. The business's 50-day simple moving average is $196.49 and its 200 day simple moving average is $199.04.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. Packaging Corporation of America had a return on equity of 20.36% and a net margin of 10.47%. The firm had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.18 billion. During the same quarter in the previous year, the business posted $2.20 earnings per share. The business's revenue for the quarter was up 4.7% on a year-over-year basis. On average, research analysts predict 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 declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 annualized dividend and a yield of 2.6%. Packaging Corporation of America's payout ratio is 49.90%.

About Packaging Corporation 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.