M&T Bank Corp Lowers Holdings in Packaging Corporation of America (NYSE:PKG)

M&T Bank Corp lessened its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,524 shares of the industrial products company's stock after selling 1,644 shares during the quarter. M&T Bank Corp owned about 0.07% of Packaging Corporation of America worth $11,589,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PKG. Alpine Bank Wealth Management purchased a new position in Packaging Corporation of America in the 1st quarter worth approximately $39,000. Lazard Asset Management LLC lifted its holdings in shares of Packaging Corporation of America by 1,033.3% during the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock worth $45,000 after acquiring an additional 186 shares during the last quarter. HM Payson & Co. grew its position in Packaging Corporation of America by 54.8% in the first quarter. HM Payson & Co. now owns 240 shares of the industrial products company's stock worth $48,000 after acquiring an additional 85 shares in the last quarter. Ameriflex Group Inc. bought a new position in Packaging Corporation of America in the fourth quarter valued at $64,000. Finally, Intact Investment Management Inc. purchased a new stake in Packaging Corporation of America during the fourth quarter valued at about $68,000. Hedge funds and other institutional investors own 89.78% of the company's stock.

Packaging Corporation of America Trading Down 0.9%

Shares of PKG traded down $1.88 during mid-day trading on Friday, hitting $205.36. 139,442 shares of the company's stock traded hands, compared to its average volume of 745,150. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $18.48 billion, a P/E ratio of 21.45, a PEG ratio of 2.70 and a beta of 0.82. The business's 50-day moving average price is $192.11 and its 200-day moving average price is $202.36. Packaging Corporation of America has a 1 year low of $172.72 and a 1 year high of $250.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.21 by $0.10. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. As a group, sell-side analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Announces Dividend

The firm 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 $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America's dividend payout ratio (DPR) is presently 52.30%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PKG. UBS Group raised their price objective on Packaging Corporation of America from $200.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday. Wells Fargo & Company lifted their target price on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Thursday. Jefferies Financial Group lowered 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 research report on Monday, June 16th. Wall Street Zen cut Packaging Corporation of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Finally, 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 note on Tuesday, June 17th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $217.80.

About Packaging Corporation of America

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.