Envestnet Portfolio Solutions Inc. Sells 6,431 Shares of Packaging Corporation of America (NYSE:PKG)

Envestnet Portfolio Solutions Inc. reduced its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 52.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,838 shares of the industrial products company's stock after selling 6,431 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Packaging Corporation of America were worth $1,156,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Norges Bank purchased a new stake in Packaging Corporation of America in the 4th quarter valued at $258,928,000. GAMMA Investing LLC boosted its stake in shares of Packaging Corporation of America by 25,461.0% during the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock worth $123,047,000 after buying an additional 618,956 shares during the period. Balyasny Asset Management L.P. boosted its stake 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 buying an additional 438,012 shares during the period. Select Equity Group L.P. acquired a new position in Packaging Corporation of America in the 4th quarter valued at about $72,339,000. Finally, Point72 Asset Management L.P. raised its stake in Packaging Corporation of America by 642.7% during the 4th quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company's stock valued at $61,192,000 after acquiring an additional 235,211 shares during the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Down 1.2%

PKG stock traded down $2.32 during trading on Wednesday, reaching $187.09. The stock had a trading volume of 423,491 shares, compared to its average volume of 740,176. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55. Packaging Corporation of America has a 1-year low of $172.72 and a 1-year high of $250.82. The firm has a fifty day moving average price of $189.15 and a 200 day moving average price of $205.13. The company has a market capitalization of $16.83 billion, a P/E ratio of 19.57, a PEG ratio of 2.49 and a beta of 0.84.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping 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%. On average, equities analysts anticipate that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Dividend Announcement

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 paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America's payout ratio is currently 52.30%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wall Street Zen lowered Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Wells Fargo & Company reissued an "equal weight" rating and issued a $180.00 price objective (down from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. UBS Group assumed coverage on shares of Packaging Corporation of America in a research report on Wednesday, June 4th. They set a "neutral" rating and a $200.00 price objective for the company. Truist Financial raised their target price on shares of Packaging Corporation of America from $237.00 to $239.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Jefferies Financial Group lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price target for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $211.80.

Packaging Corporation 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.