Wedge Capital Management L L P NC raised its stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 9.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,970 shares of the industrial products company's stock after acquiring an additional 2,844 shares during the quarter. Wedge Capital Management L L P NC's holdings in Packaging Co. of America were worth $6,331,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Centricity Wealth Management LLC acquired a new stake in shares of Packaging Co. of America in the 4th quarter worth $44,000. Lazard Asset Management LLC boosted its position in shares of Packaging Co. 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. Golden State Wealth Management LLC acquired a new stake in shares of Packaging Co. of America in the 4th quarter worth $48,000. Rialto Wealth Management LLC acquired a new stake in shares of Packaging Co. of America in the 4th quarter worth $63,000. Finally, Intact Investment Management Inc. acquired a new stake in shares of Packaging Co. of America in the 4th quarter worth $68,000. Institutional investors own 89.78% of the company's stock.
Packaging Co. of America Price Performance
Shares of Packaging Co. of America stock traded down $4.02 on Wednesday, hitting $193.22. The company's stock had a trading volume of 814,599 shares, compared to its average volume of 735,481. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a 1 year low of $172.72 and a 1 year high of $250.82. The firm has a fifty day moving average price of $188.53 and a 200-day moving average price of $208.98. The company has a market capitalization of $17.39 billion, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84.
Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.10. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. As a group, sell-side analysts anticipate that Packaging Co. of America will post 10.44 earnings per share for the current fiscal year.
Packaging Co. of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be paid a $1.25 dividend. The ex-dividend date is Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.59%. Packaging Co. of America's dividend payout ratio is presently 52.30%.
Wall Street Analyst Weigh In
PKG has been the subject of a number of recent analyst reports. Wells Fargo & Company reissued an "equal weight" rating and issued a $180.00 price objective (down previously from $205.00) on shares of Packaging Co. of America in a research report on Friday, May 9th. Wall Street Zen cut Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Seaport Res Ptn raised Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 13th. UBS Group assumed coverage on Packaging Co. of America in a research report on Wednesday, June 4th. They issued a "neutral" rating and a $200.00 price objective for the company. Finally, Truist Financial reduced their target price on Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $222.17.
Check Out Our Latest Report on PKG
Packaging Co. of America Company Profile
(
Free Report)
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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