ING Groep NV Has $17.68 Million Stake in Packaging Corporation of America (NYSE:PKG)

Key Points

• ING Groep NV reduced its stake in Packaging Corporation of America by 10.4%, now holding approximately 89,266 shares valued at about $17.68 million.
• Packaging Corporation of America reported earnings of $2.48 per share for the latest quarter, surpassing analysts' expectations by $0.04, with a revenue of $2.17 billion.
• The company's quarterly dividend was set at $1.25, representing an annualized yield of 2.6%, with a payout ratio of 49.90%.

ING Groep NV lowered its position in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,266 shares of the industrial products company's stock after selling 10,337 shares during the period. ING Groep NV owned about 0.10% of Packaging Corporation of America worth $17,676,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. TCTC Holdings LLC increased its stake in Packaging Corporation of America by 86.4% in the 1st quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock worth $30,000 after buying an additional 70 shares during the period. Alpine Bank Wealth Management purchased a new position in Packaging Corporation of America in the 1st quarter worth approximately $39,000. Banque Cantonale Vaudoise acquired a new stake in Packaging Corporation of America during the first quarter worth about $40,000. Manchester Capital Management LLC lifted its stake in shares of Packaging Corporation of America by 39.0% in the 1st quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 57 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Packaging Corporation of America by 1,033.3% in the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 186 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Corporation of America Price Performance

Shares of NYSE:PKG traded up $2.61 during trading on Thursday, reaching $194.83. The stock had a trading volume of 455,492 shares, compared to its average volume of 686,513. Packaging Corporation of America has a 52 week low of $172.71 and a 52 week high of $250.82. The business's 50-day moving average price is $196.57 and its 200 day moving average price is $198.35. 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 stock has a market capitalization of $17.53 billion, a PE ratio of 19.44, a P/E/G ratio of 2.26 and a beta of 0.85.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PKG shares. Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and cut their target price for the stock from $245.00 to $205.00 in a research report on Monday, June 16th. Citigroup boosted their target price 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. Truist Financial dropped their target price on shares of Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company in a research report on Friday, July 25th. UBS Group lifted 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, July 29th. Finally, Wells Fargo & Company increased their price objective on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. 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 MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.