SteelPeak Wealth LLC Purchases New Position in Packaging Corporation of America (NYSE:PKG)

SteelPeak Wealth LLC purchased a new stake in Packaging Corporation of America (NYSE:PKG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 10,907 shares of the industrial products company's stock, valued at approximately $2,172,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PKG. Jones Financial Companies Lllp raised its position in Packaging Corporation of America by 79.0% in the 4th quarter. Jones Financial Companies Lllp now owns 666 shares of the industrial products company's stock valued at $150,000 after buying an additional 294 shares during the last quarter. Assetmark Inc. boosted its stake in Packaging Corporation of America by 54.6% in the 4th quarter. Assetmark Inc. now owns 416 shares of the industrial products company's stock valued at $94,000 after purchasing an additional 147 shares during the period. Proficio Capital Partners LLC bought a new stake in Packaging Corporation of America in the 4th quarter valued at $25,291,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Packaging Corporation of America by 42.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,338 shares of the industrial products company's stock valued at $5,704,000 after acquiring an additional 7,588 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Packaging Corporation of America by 8.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 11,817 shares of the industrial products company's stock valued at $2,660,000 after acquiring an additional 876 shares in the last quarter. Institutional investors own 89.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PKG shares. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their price target for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Wells Fargo & Company upped their price target on Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen lowered Packaging Corporation of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Truist Financial increased their price target on Packaging Corporation of America from $237.00 to $239.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Finally, UBS Group increased their price objective on Packaging Corporation of America from $200.00 to $210.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Five research 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 company. According to data from MarketBeat.com, Packaging Corporation of America currently has an average rating of "Hold" and a consensus target price of $217.80.

Packaging Corporation of America Stock Performance

Shares of PKG traded down $3.73 on Tuesday, reaching $199.66. 517,438 shares of the company's stock traded hands, compared to its average volume of 746,633. The stock's 50 day simple moving average is $192.48 and its two-hundred day simple moving average is $201.82. Packaging Corporation of America has a 52-week low of $172.72 and a 52-week high of $250.82. The stock has a market cap of $17.97 billion, a PE ratio of 20.88, a PEG ratio of 2.72 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 (NYSE:PKG - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.10. Packaging Corporation of America had a net margin of 10.09% and a return on equity of 20.08%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. On average, analysts forecast 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 declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.50%. Packaging Corporation of America's payout ratio is 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.