Retirement Systems of Alabama Has $42.80 Million Holdings in Packaging Corporation of America (NYSE:PKG)

Retirement Systems of Alabama cut its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 216,140 shares of the industrial products company's stock after selling 2,395 shares during the period. Retirement Systems of Alabama owned approximately 0.24% of Packaging Corporation of America worth $42,800,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC bought a new position in Packaging Corporation of America during the fourth quarter worth about $44,000. Lazard Asset Management LLC lifted its holdings in Packaging Corporation of America by 1,033.3% during the fourth 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 position in Packaging Corporation of America during the fourth quarter worth about $63,000. Intact Investment Management Inc. bought a new position in Packaging Corporation of America during the fourth quarter worth about $68,000. Finally, Ameriflex Group Inc. bought a new position in Packaging Corporation of America during the fourth quarter worth about $64,000. 89.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on PKG. Jefferies Financial Group downgraded Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price target for the company from $245.00 to $205.00 in a research note on Monday, June 16th. Truist Financial lifted their price target on Packaging Corporation of America from $237.00 to $239.00 and gave the company a "buy" rating in a research note on Tuesday. UBS Group began coverage on Packaging Corporation of America in a research note on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 price target on the stock. 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 reissued an "equal weight" rating and issued a $180.00 price target (down previously from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $211.80.

Packaging Corporation of America Stock Up 0.4%

Shares of NYSE:PKG traded up $0.72 during midday trading on Friday, reaching $186.95. The company had a trading volume of 1,141,935 shares, compared to its average volume of 741,944. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The business's 50 day moving average price is $189.16 and its 200 day moving average price is $206.15. The stock has a market cap of $16.82 billion, a PE ratio of 19.56, a P/E/G ratio of 2.46 and a beta of 0.84. Packaging Corporation of America has a 1-year low of $172.72 and a 1-year high of $250.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.21 by $0.10. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. Research analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America's dividend payout ratio is currently 52.30%.

Packaging Corporation of America 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.