Packaging Co. of America (NYSE:PKG) Shares Acquired by Summit Global Investments

Summit Global Investments lifted its position in Packaging Co. of America (NYSE:PKG - Free Report) by 308.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,252 shares of the industrial products company's stock after acquiring an additional 37,193 shares during the period. Packaging Co. of America accounts for approximately 0.7% of Summit Global Investments' investment portfolio, making the stock its 19th biggest holding. Summit Global Investments owned about 0.05% of Packaging Co. of America worth $9,753,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PKG. Norges Bank acquired a new position in Packaging Co. of America in the 4th quarter worth approximately $258,928,000. GAMMA Investing LLC increased its stake in shares of Packaging Co. of America by 25,461.0% in the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock worth $123,047,000 after acquiring an additional 618,956 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Packaging Co. of America by 106.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock worth $190,999,000 after purchasing an additional 438,012 shares during the last quarter. Select Equity Group L.P. acquired a new position in Packaging Co. of America during the fourth quarter valued at $72,339,000. Finally, Point72 Asset Management L.P. boosted its holdings in Packaging Co. 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 valued at $61,192,000 after purchasing an additional 235,211 shares during the last quarter. Hedge funds and other institutional investors own 89.78% of the company's stock.

Packaging Co. of America Price Performance

PKG traded up $0.02 during midday trading on Friday, hitting $193.02. 1,062,503 shares of the company traded hands, compared to its average volume of 723,442. The business has a 50 day simple moving average of $188.67 and a two-hundred day simple moving average of $211.30. Packaging Co. of America has a 52-week low of $172.72 and a 52-week high of $250.82. The company has a market capitalization of $17.37 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 2.41 and a beta of 0.85. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. On average, equities analysts forecast that Packaging Co. of America will post 10.44 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 dividend yield of 2.59%. The ex-dividend date is Friday, June 13th. Packaging Co. of America's payout ratio is 52.30%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PKG. Seaport Res Ptn upgraded Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 13th. Wall Street Zen lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $180.00 price objective (down previously from $205.00) on shares of Packaging Co. of America in a research report on Friday, May 9th. Finally, Truist Financial lowered their target price on shares of Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $226.60.

Packaging Co. of America 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.