Point72 Asset Management L.P. Boosts Stock Position in Packaging Co. of America (NYSE:PKG)

Point72 Asset Management L.P. lifted its holdings in Packaging Co. of America (NYSE:PKG - Free Report) by 642.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 271,806 shares of the industrial products company's stock after purchasing an additional 235,211 shares during the quarter. Point72 Asset Management L.P. owned 0.30% of Packaging Co. of America worth $61,192,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PKG. Centricity Wealth Management LLC purchased a new position in Packaging Co. of America during the fourth quarter worth $44,000. Lazard Asset Management LLC boosted its stake in Packaging Co. of America by 1,033.3% during the fourth quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company's stock worth $45,000 after buying an additional 186 shares during the period. Golden State Wealth Management LLC purchased a new position in Packaging Co. of America during the fourth quarter worth $48,000. Rialto Wealth Management LLC purchased a new position in Packaging Co. of America during 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 owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on PKG shares. Truist Financial dropped their price objective on shares of 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. StockNews.com lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Sunday, April 6th. Seaport Res Ptn upgraded Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $180.00 target price (down from $205.00) on shares of Packaging Co. of America in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Packaging Co. of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $226.60.

Packaging Co. of America Trading Down 0.6%

Shares of NYSE:PKG opened at $190.74 on Friday. Packaging Co. of America has a 12-month low of $172.72 and a 12-month high of $250.82. The company has a market capitalization of $17.16 billion, a PE ratio of 21.36, a PEG ratio of 2.41 and a beta of 0.85. The business has a 50 day moving average of $189.65 and a two-hundred day moving average of $214.67. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.10. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. As a group, analysts forecast that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Friday, June 13th. Packaging Co. of America's dividend payout ratio is presently 52.30%.

Packaging Co. of America Company 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.

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