Illinois Municipal Retirement Fund Has $10.23 Million Stake in Packaging Corporation of America (NYSE:PKG)

Illinois Municipal Retirement Fund decreased its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,635 shares of the industrial products company's stock after selling 3,342 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.06% of Packaging Corporation of America worth $10,225,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PKG. EverSource Wealth Advisors LLC grew its holdings in Packaging Corporation of America by 1.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,637 shares of the industrial products company's stock valued at $819,000 after purchasing an additional 66 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Packaging Corporation of America by 20.6% during the first quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company's stock worth $77,000 after purchasing an additional 66 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Packaging Corporation of America by 1.9% during 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 during the period. Colonial Trust Co SC raised its position in shares of Packaging Corporation of America by 3.9% during 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 during the period. Finally, Nissay Asset Management Corp Japan ADV raised its position in shares of Packaging Corporation 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 worth $2,466,000 after purchasing an additional 80 shares during the period. Institutional investors and hedge funds own 89.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PKG. Truist Financial raised their price target on Packaging Corporation of America from $237.00 to $239.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Jefferies Financial Group cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price target for the company from $245.00 to $205.00 in a report on Monday, June 16th. Wall Street Zen cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $180.00 price target (down previously from $205.00) on shares of Packaging Corporation of America in a report on Friday, May 9th. Finally, UBS Group began coverage on shares of Packaging Corporation of America in a report on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 price target for the company. Five equities 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $211.80.

Packaging Corporation of America Stock Up 1.0%

PKG traded up $1.81 during trading hours on Friday, hitting $189.46. 673,552 shares of the company's stock were exchanged, compared to its average volume of 741,008. Packaging Corporation of America has a 1-year low of $172.72 and a 1-year high of $250.82. The stock's 50-day moving average is $189.22 and its two-hundred day moving average is $204.32. The stock has a market cap of $17.05 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.48 and a beta of 0.84. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.12 billion. Sell-side analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The firm 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 yield of 2.64%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America's payout ratio is 52.30%.

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.