Pinebridge Investments L.P. Sells 2,502 Shares of Packaging Co. of America (NYSE:PKG)

Pinebridge Investments L.P. reduced its holdings in Packaging Co. of America (NYSE:PKG - Free Report) by 5.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,258 shares of the industrial products company's stock after selling 2,502 shares during the period. Pinebridge Investments L.P.'s holdings in Packaging Co. of America were worth $9,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Fortitude Family Office LLC grew its position in Packaging Co. of America by 150.8% in the fourth quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company's stock worth $37,000 after acquiring an additional 98 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Packaging Co. of America during the 4th quarter valued at approximately $44,000. Golden State Wealth Management LLC purchased a new stake in Packaging Co. of America during the 4th quarter valued at $48,000. Rialto Wealth Management LLC bought a new stake in Packaging Co. of America in the fourth quarter worth $63,000. Finally, Intact Investment Management Inc. purchased a new position in Packaging Co. of America during the fourth quarter worth $68,000. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Trading Down 0.5 %

NYSE:PKG traded down $0.97 during midday trading on Wednesday, hitting $185.01. The stock had a trading volume of 188,070 shares, compared to its average volume of 696,268. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average of $195.05 and a 200 day moving average of $217.71. The company has a market capitalization of $16.64 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 2.41 and a beta of 0.84. Packaging Co. of America has a one year low of $172.37 and a one year high of $250.82.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $2.12 billion. As a group, sell-side analysts forecast that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Friday, March 14th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date was Friday, March 14th. Packaging Co. of America's dividend payout ratio (DPR) is 52.30%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PKG. Wells Fargo & Company lowered their target price on shares of Packaging Co. of America from $209.00 to $205.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Seaport Res Ptn raised shares of Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. StockNews.com cut Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Truist Financial decreased their price target 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. Finally, Citigroup upped their price objective on Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Packaging Co. of America currently has an average rating of "Moderate Buy" and an average target price of $231.60.

About Packaging Co. 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.