Moran Wealth Management LLC Sells 16,342 Shares of Packaging Corporation of America (NYSE:PKG)

Moran Wealth Management LLC reduced its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 20.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,300 shares of the industrial products company's stock after selling 16,342 shares during the period. Moran Wealth Management LLC owned 0.07% of Packaging Corporation of America worth $12,337,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC raised its holdings in shares of Packaging Corporation of America by 1,033.3% during the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock worth $45,000 after acquiring an additional 186 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in Packaging Corporation of America in the fourth quarter worth $63,000. Ameriflex Group Inc. purchased a new stake in Packaging Corporation of America during the fourth quarter valued at $64,000. Intact Investment Management Inc. purchased a new stake in Packaging Corporation of America during the fourth quarter valued at $68,000. Finally, Global Retirement Partners LLC lifted its position in Packaging Corporation of America by 83.8% during the fourth quarter. Global Retirement Partners LLC now owns 307 shares of the industrial products company's stock valued at $69,000 after purchasing an additional 140 shares during the last quarter. 89.78% of the stock is owned by institutional investors.

Packaging Corporation of America Trading Up 0.5%

NYSE PKG traded up $0.97 during trading on Thursday, hitting $187.81. The stock had a trading volume of 560,605 shares, compared to its average volume of 740,371. Packaging Corporation of America has a one year low of $172.72 and a one year high of $250.82. The stock has a 50 day simple moving average of $189.15 and a 200 day simple moving average of $205.01. The stock has a market capitalization of $16.90 billion, a price-to-earnings ratio of 19.65, a P/E/G ratio of 2.50 and a beta of 0.84. 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 (NYSE:PKG - Get Free Report) last issued its quarterly 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. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Sell-side analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.66%. Packaging Corporation of America's dividend payout ratio (DPR) is 52.30%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PKG. UBS Group started coverage on shares of Packaging Corporation of America in a report on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 target price on the stock. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. Truist Financial raised their price objective on 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. Wells Fargo & Company reiterated an "equal weight" rating and issued a $180.00 target price (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 equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $211.80.

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.