Victory Capital Management Inc. Has $288.47 Million Stake in Packaging Corporation of America (NYSE:PKG)

Victory Capital Management Inc. reduced its position in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 8.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,456,753 shares of the industrial products company's stock after selling 136,968 shares during the quarter. Victory Capital Management Inc. owned about 1.62% of Packaging Corporation of America worth $288,466,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Distillate Capital Partners LLC bought a new position in Packaging Corporation of America during the 4th quarter valued at $15,828,000. Sciencast Management LP bought a new stake in shares of Packaging Corporation of America during the 4th quarter worth $2,853,000. Korea Investment CORP boosted its stake in shares of Packaging Corporation of America by 96.0% during the 4th quarter. Korea Investment CORP now owns 71,004 shares of the industrial products company's stock worth $15,985,000 after acquiring an additional 34,784 shares in the last quarter. Sowell Financial Services LLC bought a new stake in shares of Packaging Corporation of America during the 1st quarter worth $309,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Packaging Corporation of America by 5.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,639 shares of the industrial products company's stock worth $5,671,000 after acquiring an additional 1,531 shares in the last quarter. 89.78% of the stock is owned by institutional investors.

Packaging Corporation of America Stock Up 1.5%

Shares of PKG traded up $2.94 during mid-day trading on Wednesday, reaching $202.62. The company's stock had a trading volume of 621,471 shares, compared to its average volume of 749,033. The business has a fifty day moving average of $193.32 and a 200 day moving average of $201.64. The company has a market cap of $18.23 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 2.69 and a beta of 0.82. Packaging Corporation of America has a 1 year low of $172.72 and a 1 year high of $250.82. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.10. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. As a group, 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 disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were issued a dividend of $1.25 per share. The ex-dividend date was Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.47%. Packaging Corporation of America's dividend payout ratio is 52.30%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PKG. Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. UBS Group raised 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. Wall Street Zen lowered Packaging Corporation of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Truist Financial raised their price objective on Packaging Corporation of America from $237.00 to $239.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Wells Fargo & Company increased 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. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $217.80.

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.