Mackenzie Financial Corp Trims Stock Holdings in Packaging Co. of America (NYSE:PKG)

Mackenzie Financial Corp lessened its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 44.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,423 shares of the industrial products company's stock after selling 8,262 shares during the period. Mackenzie Financial Corp's holdings in Packaging Co. of America were worth $2,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Centricity Wealth Management LLC acquired a new position in shares of Packaging Co. of America in the 4th quarter valued at about $44,000. Lazard Asset Management LLC grew its position in Packaging Co. of America by 1,033.3% during the fourth quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock valued at $45,000 after buying an additional 186 shares during the period. Golden State Wealth Management LLC acquired a new stake in Packaging Co. of America in the 4th quarter valued at $48,000. Rialto Wealth Management LLC purchased a new position in Packaging Co. of America in the 4th quarter valued at $63,000. Finally, Intact Investment Management Inc. acquired a new stake in Packaging Co. of America in the 4th quarter valued at about $68,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Stock Down 0.3%

Shares of Packaging Co. of America stock traded down $0.51 on Wednesday, reaching $193.57. 1,002,700 shares of the company were exchanged, compared to its average volume of 728,730. The stock's 50 day moving average price is $188.40 and its 200-day moving average price is $210.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a 1-year low of $172.72 and a 1-year high of $250.82. The company has a market cap of $17.42 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85.

Packaging Co. 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. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. As a group, equities analysts forecast that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.58%. Packaging Co. of America's payout ratio is currently 52.30%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Seaport Res Ptn raised shares of Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. UBS Group started coverage on shares of Packaging Co. of America in a report on Wednesday. They issued a "neutral" rating and a $200.00 price objective on the stock. Wells Fargo & Company restated an "equal weight" rating and set a $180.00 price target (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Wall Street Zen lowered Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Finally, Truist Financial dropped their target price on Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $222.17.

Packaging Co. 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.