Nuveen Asset Management LLC Sells 921,997 Shares of Packaging Co. of America (NYSE:PKG)

Nuveen Asset Management LLC trimmed its holdings in Packaging Co. of America (NYSE:PKG - Free Report) by 75.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 302,767 shares of the industrial products company's stock after selling 921,997 shares during the quarter. Nuveen Asset Management LLC owned 0.34% of Packaging Co. of America worth $68,162,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Centricity Wealth Management LLC bought a new stake in shares of Packaging Co. of America in the fourth quarter valued at approximately $44,000. Lazard Asset Management LLC boosted its position in shares of Packaging Co. of America by 1,033.3% in the fourth quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 186 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of Packaging Co. of America in the fourth quarter valued at $48,000. Rialto Wealth Management LLC acquired a new position in shares of Packaging Co. of America in the fourth quarter valued at $63,000. Finally, Intact Investment Management Inc. acquired a new position in shares of Packaging Co. of America in the fourth quarter valued at $68,000. 89.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PKG. Wall Street Zen lowered Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Wells Fargo & Company restated an "equal weight" rating and issued a $180.00 target price (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Truist Financial cut 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 note on Tuesday, April 22nd. Finally, 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. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $226.60.

Packaging Co. of America Price Performance

Shares of NYSE:PKG traded down $1.81 during midday trading on Friday, reaching $190.72. The company's stock had a trading volume of 594,739 shares, compared to its average volume of 718,236. Packaging Co. of America has a fifty-two week low of $172.72 and a fifty-two week high of $250.82. The company has a market capitalization of $17.16 billion, a P/E ratio of 21.36, a P/E/G ratio of 2.41 and a beta of 0.85. 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's fifty day simple moving average is $189.20 and its 200-day simple moving average is $213.15.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced 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 company had revenue of $2.14 billion during 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 fiscal year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Co. of America's dividend payout ratio is 52.30%.

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.