Mirae Asset Global Investments Co. Ltd. Acquires 9,661 Shares of Packaging Corporation of America (NYSE:PKG)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 11.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,640 shares of the industrial products company's stock after buying an additional 9,661 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.10% of Packaging Corporation of America worth $18,111,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PKG. Norges Bank bought a new stake in shares of Packaging Corporation of America in the 4th quarter valued at approximately $258,928,000. GAMMA Investing LLC increased its position in shares of Packaging Corporation of America by 25,461.0% during the 1st quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock valued at $123,047,000 after purchasing an additional 618,956 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in Packaging Corporation of America by 106.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock valued at $190,999,000 after buying an additional 438,012 shares during the period. Select Equity Group L.P. purchased a new stake in Packaging Corporation of America during the 4th quarter valued at $72,339,000. Finally, Point72 Asset Management L.P. lifted its position in Packaging Corporation of America by 642.7% in the fourth quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company's stock worth $61,192,000 after buying an additional 235,211 shares during the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PKG has been the topic of a number of analyst reports. Wall Street Zen downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Jefferies Financial Group downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and cut their price target for the company from $245.00 to $205.00 in a report on Monday, June 16th. UBS Group assumed coverage on shares of Packaging Corporation of America in a research report on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 price objective on the stock. Truist Financial boosted their target price on Packaging Corporation of America from $237.00 to $239.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $180.00 target price (down previously from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. Five 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $211.80.

Packaging Corporation of America Trading Up 1.0%

NYSE PKG opened at $189.46 on Monday. The stock has a market cap of $17.05 billion, a PE ratio of 19.82, a PEG ratio of 2.50 and a beta of 0.84. Packaging Corporation of America has a 12 month low of $172.72 and a 12 month high of $250.82. The company's 50-day moving average price is $189.22 and its 200-day moving average price is $203.83. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.10. Packaging Corporation of America had a net margin of 10.09% and a return on equity of 20.08%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Equities research analysts forecast that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America's dividend payout ratio (DPR) is presently 52.30%.

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.

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