Hennion & Walsh Asset Management Inc. reduced its stake in Packaging Co. of America (NYSE:PKG - Free Report) by 28.2% during the first quarter, according to its most recent filing with the SEC. The fund owned 11,656 shares of the industrial products company's stock after selling 4,586 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in Packaging Co. of America were worth $2,308,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in PKG. Centricity Wealth Management LLC purchased a new position in Packaging Co. of America in the fourth quarter valued at about $44,000. Lazard Asset Management LLC raised its holdings in shares of Packaging Co. of America by 1,033.3% in the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock worth $45,000 after purchasing an additional 186 shares during the period. Golden State Wealth Management LLC purchased a new position in Packaging Co. of America in the fourth quarter valued at approximately $48,000. Rialto Wealth Management LLC purchased a new position in Packaging Co. of America in the fourth quarter valued at approximately $63,000. Finally, Intact Investment Management Inc. bought a new position in Packaging Co. of America during the fourth quarter valued at $68,000. Institutional investors own 89.78% of the company's stock.
Packaging Co. of America Stock Performance
Shares of NYSE:PKG traded up $1.77 during midday trading on Friday, reaching $196.47. 703,863 shares of the company traded hands, compared to its average volume of 730,571. The firm's fifty day moving average price is $188.33 and its two-hundred day moving average price is $210.30. The firm has a market capitalization of $17.68 billion, a price-to-earnings ratio of 22.00, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 12 month low of $172.72 and a 12 month high of $250.82.
Packaging Co. of America (NYSE:PKG - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.10. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. On average, equities analysts expect that Packaging Co. of America will post 10.44 earnings per share for the current year.
Packaging Co. of America Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Co. of America's dividend payout ratio (DPR) is presently 52.30%.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Seaport Res Ptn upgraded Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. UBS Group assumed coverage on Packaging Co. of America in a report on Wednesday. They issued a "neutral" rating and a $200.00 price objective for the company. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $180.00 price objective (down from $205.00) on shares of Packaging Co. of America in a report on Friday, May 9th. Wall Street Zen lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Finally, Truist Financial reduced their target price on shares of Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Packaging Co. of America presently has a consensus rating of "Moderate Buy" and an average price target of $222.17.
Read Our Latest Research Report on PKG
About Packaging Co. of America
(
Free Report)
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.
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