Spectrum Wealth Counsel LLC Invests $3.85 Million in Packaging Corporation of America (NYSE:PKG)

Key Points

• Spectrum Wealth Counsel LLC invested $3.85 million in Packaging Corporation of America (NYSE:PKG) by acquiring 19,461 shares of the company in the first quarter.
• Analyst ratings for PKG show a consensus rating of "Hold" with a target price of $213.40, despite some firms adjusting their price targets upward.
• Packaging Corporation of America announced a quarterly dividend of $1.25 per share, representing an annualized dividend of $5.00 and a yield of 2.42%.

Spectrum Wealth Counsel LLC bought a new position in shares of Packaging Corporation of America (NYSE:PKG - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 19,461 shares of the industrial products company's stock, valued at approximately $3,854,000.

Several other large investors have also made changes to their positions in PKG. Norges Bank acquired a new position in shares of Packaging Corporation of America during the 4th quarter worth approximately $258,928,000. GAMMA Investing LLC increased its position in shares of Packaging Corporation of America by 25,461.0% during the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock worth $123,047,000 after purchasing an additional 618,956 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of Packaging Corporation of America by 106.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock worth $190,999,000 after purchasing an additional 438,012 shares in the last quarter. Select Equity Group L.P. purchased a new stake in shares of Packaging Corporation of America during the fourth quarter worth approximately $72,339,000. Finally, Point72 Asset Management L.P. increased its position 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 in the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PKG has been the subject of several research reports. Wall Street Zen cut Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Wells Fargo & Company upped their target price on 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. Citigroup upped their target price on Packaging Corporation of America from $197.00 to $214.00 and gave the company a "neutral" rating in a report on Friday. UBS Group upped their target price on Packaging Corporation of America from $200.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Finally, Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their target price for the company from $245.00 to $205.00 in a report on Monday, June 16th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Packaging Corporation of America has a consensus rating of "Hold" and a consensus target price of $213.40.

Packaging Corporation of America Stock Performance

NYSE PKG opened at $206.42 on Friday. The stock has a market cap of $18.57 billion, a PE ratio of 20.60, a P/E/G ratio of 2.73 and a beta of 0.82. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55. Packaging Corporation of America has a twelve month low of $172.71 and a twelve month high of $250.82. The stock has a fifty day simple moving average of $195.91 and a 200-day simple moving average of $200.42.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released 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 business had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.18 billion. Packaging Corporation of America had a return on equity of 20.36% and a net margin of 10.47%. The company's revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.20 EPS. Equities analysts anticipate 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 declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Friday, June 13th. Packaging Corporation of America's dividend payout ratio is presently 49.90%.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.