Neo Ivy Capital Management Purchases 1,783 Shares of Packaging Corporation of America (NYSE:PKG)

Key Points

• Neo Ivy Capital Management increased its stake in Packaging Corporation of America by 168.4%, acquiring a total of 2,842 shares valued at approximately $563,000.
• Packaging Corporation of America recently reported a quarterly EPS of $2.48, surpassing expectations by $0.04, with quarterly revenue of $2.17 billion.
• The company declared a quarterly dividend of $1.25, yielding 2.42% annually and maintaining a payout ratio of 49.90%.

Neo Ivy Capital Management increased its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 168.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,842 shares of the industrial products company's stock after purchasing an additional 1,783 shares during the period. Neo Ivy Capital Management's holdings in Packaging Corporation of America were worth $563,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of Packaging Corporation of America by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,366,723 shares of the industrial products company's stock worth $531,540,000 after purchasing an additional 29,427 shares during the period. Invesco Ltd. lifted its position in Packaging Corporation of America by 0.8% in the 4th quarter. Invesco Ltd. now owns 1,853,092 shares of the industrial products company's stock worth $417,187,000 after buying an additional 14,775 shares in the last quarter. Norges Bank purchased a new position in shares of Packaging Corporation of America during the 4th quarter valued at $258,928,000. Northern Trust Corp grew its holdings in shares of Packaging Corporation of America by 13.7% during the 4th quarter. Northern Trust Corp now owns 1,110,422 shares of the industrial products company's stock valued at $249,989,000 after acquiring an additional 133,427 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Packaging Corporation 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 acquiring an additional 438,012 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Performance

NYSE:PKG traded down $3.60 during midday trading on Wednesday, reaching $199.46. The stock had a trading volume of 262,774 shares, compared to its average volume of 863,482. The stock has a market capitalization of $17.95 billion, a P/E ratio of 19.91, a PEG ratio of 2.40 and a beta of 0.82. Packaging Corporation of America has a 1-year low of $172.71 and a 1-year high of $250.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.15. The firm's fifty day simple moving average is $196.30 and its 200-day simple moving average is $200.08.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.04. Packaging Corporation of America had a return on equity of 20.36% and a net margin of 10.47%. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the business posted $2.20 earnings per share. The firm's revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Friday, June 13th. Packaging Corporation of America's dividend payout ratio (DPR) is currently 49.90%.

Analyst Upgrades and Downgrades

PKG has been the topic of several research reports. Truist Financial dropped their target price on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Wall Street Zen lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Wells Fargo & Company lifted 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. UBS Group increased their price target on shares of Packaging Corporation of America from $210.00 to $220.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Citigroup lifted their price objective on shares of Packaging Corporation of America from $197.00 to $214.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Packaging Corporation of America currently has a consensus rating of "Hold" and a consensus price target of $215.40.

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.