Packaging Corporation of America $PKG Shares Bought by Millennium Management LLC

Key Points

• Millennium Management increased its stake in Packaging Corporation of America by 20.3% in the fourth quarter, owning about 2.03% of the company worth roughly $376.3 million.
• Wall Street sentiment remains fairly positive, with analysts assigning PKG a Moderate Buy consensus and an average price target of $241.83.
• The company reported Q1 earnings of $2.40 per share, beating estimates, and it raised its quarterly dividend to $1.50 per share from $1.25, lifting the annualized payout to $6.00.

Millennium Management LLC boosted its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 20.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,824,807 shares of the industrial products company's stock after acquiring an additional 308,245 shares during the quarter. Millennium Management LLC owned about 2.03% of Packaging Corporation of America worth $376,330,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PKG. Integrated Wealth Concepts LLC lifted its position in Packaging Corporation of America by 73.5% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,956 shares of the industrial products company's stock worth $585,000 after acquiring an additional 1,252 shares during the period. Empowered Funds LLC lifted its position in Packaging Corporation of America by 538.6% during the 1st quarter. Empowered Funds LLC now owns 6,303 shares of the industrial products company's stock worth $1,248,000 after acquiring an additional 5,316 shares during the period. Geneos Wealth Management Inc. lifted its position in Packaging Corporation of America by 40.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 198 shares of the industrial products company's stock worth $39,000 after acquiring an additional 57 shares during the period. Sivia Capital Partners LLC lifted its position in Packaging Corporation of America by 43.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,770 shares of the industrial products company's stock worth $334,000 after acquiring an additional 537 shares during the period. Finally, Cresset Asset Management LLC lifted its position in Packaging Corporation of America by 17.0% during the 2nd quarter. Cresset Asset Management LLC now owns 1,772 shares of the industrial products company's stock worth $336,000 after acquiring an additional 258 shares during the period. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PKG. Argus raised Packaging Corporation of America to a "strong-buy" rating in a research report on Thursday, February 26th. Weiss Ratings cut Packaging Corporation of America from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. raised their price target on Packaging Corporation of America from $225.00 to $246.00 and gave the company an "overweight" rating in a report on Friday, April 24th. Truist Financial reissued a "buy" rating and issued a $258.00 price target (down from $260.00) on shares of Packaging Corporation of America in a report on Monday, April 27th. Finally, Wells Fargo & Company reduced their price target on Packaging Corporation of America from $234.00 to $226.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $241.83.

Insider Activity at Packaging Corporation of America

In other news, CEO Mark W. Kowlzan sold 9,266 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $217.08, for a total value of $2,011,463.28. Following the completion of the sale, the chief executive officer directly owned 473,610 shares of the company's stock, valued at $102,811,258.80. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Packaging Corporation of America Stock Down 0.1%

PKG opened at $229.24 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.07 and a quick ratio of 1.88. The business has a 50 day simple moving average of $217.20 and a 200-day simple moving average of $217.15. The stock has a market capitalization of $20.43 billion, a P/E ratio of 27.89, a P/E/G ratio of 2.08 and a beta of 0.81. Packaging Corporation of America has a 12 month low of $184.76 and a 12 month high of $249.51.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.17 by $0.23. The business had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.45 billion. Packaging Corporation of America had a return on equity of 19.27% and a net margin of 8.04%.The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $2.31 EPS. Packaging Corporation of America has set its Q2 2026 guidance at 2.330-2.330 EPS. On average, equities analysts anticipate that Packaging Corporation of America will post 10.8 earnings per share for the current fiscal year.

Packaging Corporation of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $6.00 annualized dividend and a dividend yield of 2.6%. This is an increase from Packaging Corporation of America's previous quarterly dividend of $1.25. Packaging Corporation of America's payout ratio is 72.99%.

Packaging Corporation of America Profile

Packaging Corporation of America NYSE: PKG is a leading North American manufacturer of containerboard and corrugated packaging products. The company produces a range of paper-based packaging solutions including linerboard, corrugating medium, corrugated shipping containers, retail-ready packaging and point-of-purchase displays. In addition to core packaging products, Packaging Corporation of America offers packaging design, testing and supply-chain services intended to optimize protection, cost and sustainability for customers.

Headquartered in Lake Forest, Illinois, the company operates an integrated network of mills and corrugated manufacturing facilities across the United States and serves customers throughout North America in industries such as e-commerce, grocery and food & beverage, consumer packaged goods and industrial markets.

Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Corporation of America (NYSE:PKG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.