Packaging Corporation of America (NYSE:PKG) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 47.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,062 shares of the industrial products company's stock after selling 32,000 shares during the quarter. New York State Common Retirement Fund's holdings in Packaging Corporation of America were worth $7,141,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of Packaging Corporation of America during the fourth quarter valued at $258,928,000. GAMMA Investing LLC grew its stake in Packaging Corporation of America by 25,461.0% during the 1st quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock valued at $123,047,000 after acquiring an additional 618,956 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Packaging Corporation of America by 106.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock valued at $190,999,000 after purchasing an additional 438,012 shares during the period. Select Equity Group L.P. purchased a new stake in shares of Packaging Corporation of America in the fourth quarter worth approximately $72,339,000. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Packaging Corporation of America by 642.7% during the fourth quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company's stock worth $61,192,000 after purchasing an additional 235,211 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Down 1.2%

PKG opened at $199.82 on Friday. The firm has a market cap of $17.98 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 2.64 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. The firm's 50-day simple moving average is $194.52 and its 200-day simple moving average is $201.16. Packaging Corporation of America has a twelve month low of $172.72 and a twelve month high of $250.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.10. The company had revenue of $2.14 billion for 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%. Equities research analysts anticipate that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th were issued a dividend of $1.25 per share. The ex-dividend date was Friday, June 13th. This represents a $5.00 annualized dividend and a yield of 2.50%. Packaging Corporation of America's dividend payout ratio is currently 52.30%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PKG shares. Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price target for the company from $245.00 to $205.00 in a report on Monday, June 16th. UBS Group raised their price target on shares of Packaging Corporation of America from $200.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Truist Financial upped their price target on 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. Wall Street Zen downgraded Packaging Corporation of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Finally, Wells Fargo & Company boosted their target price on 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 research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $217.80.

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.

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