Commerce Bank Has $13.74 Million Stake in Packaging Corporation of America (NYSE:PKG)

Key Points

• Commerce Bank increased its stake in Packaging Corporation of America by 27.7% during the first quarter, owning 69,401 shares valued at approximately $13.74 million.
• Packaging Corporation of America reported a quarterly EPS of $2.48, beating analysts' estimates, and its revenue increased by 4.7% year-over-year.
• Recently, the company declared a quarterly dividend of $1.25 per share, representing an annualized payout of $5.00 and a yield of 2.6%.

Commerce Bank increased its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 27.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,401 shares of the industrial products company's stock after buying an additional 15,041 shares during the quarter. Commerce Bank owned about 0.08% of Packaging Corporation of America worth $13,743,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in shares of 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 last quarter. Invesco Ltd. lifted its holdings in shares of 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 last quarter. Northern Trust Corp raised its position in Packaging Corporation of America by 13.7% during the fourth quarter. Northern Trust Corp now owns 1,110,422 shares of the industrial products company's stock valued at $249,989,000 after buying an additional 133,427 shares during the period. Balyasny Asset Management L.P. raised its position in Packaging Corporation of America by 106.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock valued at $190,999,000 after buying an additional 438,012 shares during the period. Finally, GAMMA Investing LLC raised its position in Packaging Corporation of America by 25,461.0% during the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock valued at $123,047,000 after buying an additional 618,956 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Down 1.2%

PKG stock traded down $2.40 during mid-day trading on Friday, hitting $191.35. The stock had a trading volume of 615,940 shares, compared to its average volume of 705,724. 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 has a 1-year low of $172.71 and a 1-year high of $250.82. The company has a fifty day moving average of $196.49 and a 200 day moving average of $199.04. The stock has a market capitalization of $17.22 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 2.25 and a beta of 0.85.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the firm posted $2.20 EPS. The business's revenue was up 4.7% compared to the same quarter last year. On average, equities analysts expect that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, June 13th. Packaging Corporation of America's dividend payout ratio is presently 49.90%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Truist Financial dropped their price target on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Citigroup upped their price target on Packaging Corporation of America from $197.00 to $214.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Wall Street Zen lowered Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Wells Fargo & Company upped their price target on 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. Finally, Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price target for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $215.40.

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.