US Bancorp DE Cuts Position in Packaging Corporation of America (NYSE:PKG)

Key Points

• US Bancorp DE reduced its stake in Packaging Corporation of America by 4.1%, holding approximately 43,708 shares worth $8.65 million as of the last quarter.
• The company's recent quarterly earnings showed earnings per share of $2.48, exceeding analyst estimates, with a year-over-year revenue increase of 4.7%.
• Packaging Corporation of America announced a quarterly dividend of $1.25, translating to an annualized yield of 2.6% and a payout ratio of 49.90%.

US Bancorp DE reduced its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 4.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,708 shares of the industrial products company's stock after selling 1,866 shares during the period. US Bancorp DE's holdings in Packaging Corporation of America were worth $8,655,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PKG. Distillate Capital Partners LLC acquired a new stake in Packaging Corporation of America in the fourth quarter valued at approximately $15,828,000. Sowell Financial Services LLC purchased a new position in shares of Packaging Corporation of America during the first quarter worth $309,000. Wealth Enhancement Advisory Services LLC increased its holdings in Packaging Corporation of America by 5.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,639 shares of the industrial products company's stock valued at $5,671,000 after buying an additional 1,531 shares in the last quarter. Brookstone Capital Management increased its holdings in Packaging Corporation of America by 718.0% in the first quarter. Brookstone Capital Management now owns 10,086 shares of the industrial products company's stock valued at $1,997,000 after buying an additional 8,853 shares in the last quarter. Finally, First United Bank & Trust acquired a new stake in shares of Packaging Corporation of America in the first quarter valued at about $289,000. 89.78% of the stock is currently owned by institutional investors.

Packaging Corporation of America Stock Up 0.2%

Shares of Packaging Corporation of America stock traded up $0.34 during trading hours on Tuesday, hitting $193.42. The company had a trading volume of 505,569 shares, compared to its average volume of 703,476. The company's 50-day moving average is $196.54 and its two-hundred day moving average is $198.73. Packaging Corporation of America has a twelve month low of $172.71 and a twelve month 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 company has a market cap of $17.40 billion, a P/E ratio of 19.30, a price-to-earnings-growth ratio of 2.27 and a beta of 0.85.

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 for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.18 billion. Packaging Corporation of America had a net margin of 10.47% and a return on equity of 20.36%. Packaging Corporation of America's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.20 EPS. Analysts anticipate that Packaging Corporation of America will post 10.44 earnings per share 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 given a dividend of $1.25 per share. The ex-dividend date was Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.6%. Packaging Corporation of America's dividend payout ratio is presently 49.90%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group lifted their target price 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. Citigroup lifted their target price on shares of Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. 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 report on Thursday, July 10th. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and decreased their price target for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. Finally, Truist Financial dropped their price objective on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company 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 data from MarketBeat.com, the stock 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.