Merit Financial Group LLC Has $923,000 Stock Holdings in Packaging Co. of America (NYSE:PKG)

Merit Financial Group LLC grew its stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 169.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,661 shares of the industrial products company's stock after acquiring an additional 2,929 shares during the period. Merit Financial Group LLC's holdings in Packaging Co. of America were worth $923,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Sigma Planning Corp raised its stake in Packaging Co. of America by 2.3% during the 4th quarter. Sigma Planning Corp now owns 2,568 shares of the industrial products company's stock valued at $578,000 after purchasing an additional 58 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Packaging Co. of America by 1.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,637 shares of the industrial products company's stock worth $819,000 after purchasing an additional 66 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Packaging Co. of America by 1.9% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,771 shares of the industrial products company's stock worth $849,000 after purchasing an additional 70 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Packaging Co. of America by 3.9% in the fourth quarter. Colonial Trust Co SC now owns 2,071 shares of the industrial products company's stock worth $466,000 after purchasing an additional 78 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in Packaging Co. of America by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 10,857 shares of the industrial products company's stock valued at $2,466,000 after acquiring an additional 80 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Trading Down 2.0%

Shares of NYSE PKG traded down $4.02 during midday trading on Wednesday, reaching $193.22. 814,599 shares of the stock were exchanged, compared to its average volume of 735,481. Packaging Co. of America has a 12 month low of $172.72 and a 12 month high of $250.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The business has a 50-day simple moving average of $188.53 and a two-hundred day simple moving average of $208.98. The company has a market capitalization of $17.39 billion, a price-to-earnings ratio of 21.64, a P/E/G ratio of 2.41 and a beta of 0.84.

Packaging Co. of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.10. Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. As a group, equities research analysts expect that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business 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 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Friday, June 13th. Packaging Co. of America's payout ratio is 52.30%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. 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. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $180.00 price objective (down previously 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 report on Sunday, April 6th. 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. Finally, UBS Group started coverage on shares of Packaging Co. of America in a research note on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 price objective on the stock. Four investment 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.