CenterBook Partners LP Raises Position in Packaging Corporation of America (NYSE:PKG)

CenterBook Partners LP raised its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 1,373.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,716 shares of the industrial products company's stock after buying an additional 16,514 shares during the period. CenterBook Partners LP's holdings in Packaging Corporation of America were worth $3,508,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Clearstead Trust LLC boosted its holdings in shares of Packaging Corporation of America by 118.6% during the first quarter. Clearstead Trust LLC now owns 129 shares of the industrial products company's stock worth $26,000 after purchasing an additional 70 shares during the period. TCTC Holdings LLC raised its stake in Packaging Corporation of America by 86.4% in the first quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock worth $30,000 after buying an additional 70 shares in the last quarter. Alpine Bank Wealth Management bought a new position in Packaging Corporation of America in the first quarter worth about $39,000. Banque Cantonale Vaudoise bought a new position in Packaging Corporation of America in the first quarter worth about $40,000. Finally, Manchester Capital Management LLC raised its stake in Packaging Corporation of America by 39.0% in the first quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock worth $40,000 after buying an additional 57 shares in the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Down 1.8%

Shares of PKG traded down $3.73 on Tuesday, hitting $199.66. 517,438 shares of the stock traded hands, compared to its average volume of 748,195. The company has a market capitalization of $17.97 billion, a PE ratio of 20.88, a P/E/G ratio of 2.69 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. The business has a 50 day simple moving average of $192.48 and a 200 day simple moving average of $201.82. Packaging Corporation of America has a one year low of $172.72 and a one year high of $250.82.

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

Packaging Corporation of America Announces Dividend

The business 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 $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Corporation of America's dividend payout ratio is currently 52.30%.

Wall Street Analysts Forecast Growth

PKG has been the subject of a number of research reports. UBS Group increased their price target on shares of Packaging Corporation of America from $200.00 to $210.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. 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 decreased their target price for the company from $245.00 to $205.00 in a research note on Monday, June 16th. Wells Fargo & Company raised their target price on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Finally, Truist Financial raised their target price on shares of 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 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 MarketBeat.com, Packaging Corporation of America currently has a consensus rating of "Hold" and an average target price 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.