Heartland Advisors Inc. Has $5.97 Million Stock Position in Packaging Corporation of America (NYSE:PKG)

Key Points

• Heartland Advisors Inc. reduced its stake in Packaging Corporation of America by 33.3% in Q1 2023, now holding 30,123 shares valued at approximately $5.97 million.
• Several hedge funds increased their investments in Packaging Corp, with Korea Investment CORP boosting its holdings by 96%, now owning 71,004 shares worth $15.99 million.
• Packaging Corporation of America recently reported earnings of $2.48 per share, exceeding analyst estimates, along with a quarterly dividend of $1.25 per share, yielding 2.42% annually.

Heartland Advisors Inc. reduced its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,123 shares of the industrial products company's stock after selling 15,057 shares during the period. Heartland Advisors Inc.'s holdings in Packaging Corporation of America were worth $5,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of PKG. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Packaging Corporation of America by 1.9% in the 4th 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 during the period. Mitsubishi UFJ Trust & Banking Corp grew its position in Packaging Corporation of America by 23.6% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 94,194 shares of the industrial products company's stock worth $21,206,000 after acquiring an additional 17,980 shares during the last quarter. Korea Investment CORP grew its position in Packaging Corporation of America by 96.0% during the 4th quarter. Korea Investment CORP now owns 71,004 shares of the industrial products company's stock worth $15,985,000 after acquiring an additional 34,784 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Packaging Corporation of America by 11.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 141,683 shares of the industrial products company's stock worth $32,003,000 after acquiring an additional 14,253 shares during the last quarter. Finally, UniSuper Management Pty Ltd grew its position in Packaging Corporation of America by 14.9% during the 4th quarter. UniSuper Management Pty Ltd now owns 10,462 shares of the industrial products company's stock worth $2,355,000 after acquiring an additional 1,360 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Corporation of America Stock Down 1.2%

Shares of PKG traded down $2.47 during midday trading on Monday, hitting $204.06. The stock had a trading volume of 516,656 shares, compared to its average volume of 869,302. The company has a 50 day simple moving average of $196.10 and a two-hundred day simple moving average of $200.06. Packaging Corporation of America has a twelve month low of $172.71 and a twelve month high of $250.82. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 2.72 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.15.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The business had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.18 billion. Packaging Corporation of America had a return on equity of 20.36% and a net margin of 10.47%. Packaging Corporation of America's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company posted $2.20 earnings per share. On average, analysts anticipate that Packaging Corporation of America will post 10.44 EPS for the current year.

Packaging Corporation of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th were given 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 dividend yield of 2.45%. Packaging Corporation of America's payout ratio is 49.90%.

Wall Street Analyst Weigh In

A number of research firms recently commented on PKG. Wells Fargo & Company increased their price target on Packaging Corporation of America from $180.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Citigroup increased their price target on Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a research report on Friday. UBS Group increased their price objective on 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. Wall Street Zen lowered Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Finally, Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and decreased their price objective 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 issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $213.40.

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.