Packaging Corporation of America (NYSE:PKG) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 23.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 186,674 shares of the industrial products company's stock after selling 57,042 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Packaging Corporation of America worth $36,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Packaging Corporation of America by 1.2% in 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 acquiring an additional 133,575 shares during the period. Geode Capital Management LLC lifted its stake in shares of Packaging Corporation of America by 1.3% in the 4th 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. boosted its holdings 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 worth $417,187,000 after buying an additional 14,775 shares in the last quarter. Boston Partners grew 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 buying an additional 101,755 shares during the period. Finally, Norges Bank purchased a new position in Packaging Corporation of America in the fourth quarter valued at $258,928,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group cut shares of 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 note on Monday, June 16th. UBS Group boosted their price objective on Packaging Corporation of America from $200.00 to $210.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Truist Financial boosted 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. 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. Finally, Wells Fargo & Company upped their price objective on Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Packaging Corporation of America presently has an average rating of "Hold" and an average price target of $217.80.

Packaging Corporation of America Stock Down 1.8%

NYSE PKG traded down $3.73 during trading hours on Tuesday, hitting $199.66. 517,438 shares of the company were exchanged, compared to its average volume of 748,195. The company has a 50 day moving average of $192.48 and a two-hundred day moving average of $201.82. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The firm has a market cap of $17.97 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 2.69 and a beta of 0.82. Packaging Corporation of America has a 52-week low of $172.72 and a 52-week high of $250.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. Equities research analysts anticipate that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.50%. Packaging Corporation of America's dividend payout ratio is currently 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.