TD Asset Management Inc Acquires 21,182 Shares of Packaging Corporation of America (NYSE:PKG)

Key Points

• TD Asset Management Inc increased its holdings in Packaging Corporation of America by 66.6%, acquiring an additional 21,182 shares, bringing its total to 53,004 shares valued at approximately $10.5 million.
• The company reported quarterly earnings of $2.48 per share, surpassing analysts’ expectations of $2.44, with revenues reaching $2.17 billion.
• Packaging Corporation of America recently declared a quarterly dividend of $1.25, representing an annualized payment of $5.00 and a dividend yield of 2.6%.

TD Asset Management Inc lifted its holdings in Packaging Corporation of America (NYSE:PKG - Free Report) by 66.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,004 shares of the industrial products company's stock after buying an additional 21,182 shares during the quarter. TD Asset Management Inc owned approximately 0.06% of Packaging Corporation of America worth $10,496,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PKG. Alpine Bank Wealth Management purchased a new stake in shares of Packaging Corporation of America in the first quarter worth $39,000. Lazard Asset Management LLC boosted its stake in Packaging Corporation of America by 1,033.3% in the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock worth $45,000 after purchasing an additional 186 shares in the last quarter. HM Payson & Co. grew its position in Packaging Corporation of America by 54.8% during the 1st quarter. HM Payson & Co. now owns 240 shares of the industrial products company's stock valued at $48,000 after purchasing an additional 85 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Packaging Corporation of America during the 4th quarter valued at about $64,000. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Packaging Corporation of America by 20.6% in the first quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company's stock worth $77,000 after buying an additional 66 shares in the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Corporation of America Price Performance

NYSE PKG opened at $193.60 on Friday. The stock has a market capitalization of $17.42 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 2.33 and a beta of 0.82. Packaging Corporation of America has a 1-year low of $172.71 and a 1-year 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 business's fifty day moving average price is $196.48 and its 200-day moving average price is $199.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. The company 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%. Packaging Corporation of America's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.20 earnings per share. On average, equities analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. Packaging Corporation of America's dividend payout ratio (DPR) is presently 49.90%.

Analyst Ratings Changes

Several brokerages recently weighed in on PKG. Jefferies Financial Group downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price target for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Wells Fargo & Company lifted their target price on Packaging Corporation of America from $180.00 to $200.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Citigroup boosted their price target on 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. UBS Group increased their price objective on Packaging Corporation of America from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Wall Street Zen downgraded Packaging Corporation of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Five equities 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's stock. According to MarketBeat.com, the stock currently has an average 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.

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