Conning Inc. Acquires 24,829 Shares of Packaging Corporation of America (NYSE:PKG)

Conning Inc. grew its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 17.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 168,431 shares of the industrial products company's stock after buying an additional 24,829 shares during the period. Conning Inc. owned 0.19% of Packaging Corporation of America worth $33,353,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PKG. Oppenheimer & Co. Inc. increased its position in shares of Packaging Corporation of America by 86.3% during the fourth quarter. Oppenheimer & Co. Inc. now owns 3,651 shares of the industrial products company's stock valued at $822,000 after buying an additional 1,691 shares during the period. SVB Wealth LLC purchased a new position in shares of Packaging Corporation of America during the fourth quarter worth about $246,000. Smartleaf Asset Management LLC grew its holdings in shares of Packaging Corporation of America by 40.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 773 shares of the industrial products company's stock worth $174,000 after purchasing an additional 222 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Packaging Corporation of America by 79.0% during the fourth quarter. Jones Financial Companies Lllp now owns 666 shares of the industrial products company's stock worth $150,000 after purchasing an additional 294 shares in the last quarter. Finally, Schechter Investment Advisors LLC grew its holdings in shares of Packaging Corporation of America by 13.0% during the fourth quarter. Schechter Investment Advisors LLC now owns 1,284 shares of the industrial products company's stock worth $289,000 after purchasing an additional 148 shares in the last quarter. 89.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PKG shares. Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and cut their price objective for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Truist Financial boosted their price objective on Packaging Corporation of America from $237.00 to $239.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. UBS Group started coverage on Packaging Corporation of America in a report on Wednesday, June 4th. They set a "neutral" rating and a $200.00 price objective for the company. Wells Fargo & Company reissued an "equal weight" rating and set a $180.00 price objective (down previously from $205.00) on shares of Packaging Corporation of America in a report on Friday, May 9th. Finally, Wall Street Zen lowered Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $211.80.

Packaging Corporation of America Price Performance

PKG traded up $0.35 during midday trading on Friday, hitting $202.29. The stock had a trading volume of 393,100 shares, compared to its average volume of 744,402. The company has a market cap of $18.20 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 2.67 and a beta of 0.82. The business has a fifty day moving average of $190.28 and a 200 day moving average of $203.23. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. 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 issued its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, topping 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, 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Corporation of America's dividend payout ratio (DPR) is presently 52.30%.

Packaging Corporation 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.