Teachers Retirement System of The State of Kentucky Trims Stock Position in Packaging Co. of America (NYSE:PKG)

Teachers Retirement System of The State of Kentucky decreased its stake in Packaging Co. of America (NYSE:PKG) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,794 shares of the industrial products company’s stock after selling 491 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Packaging Co. of America were worth $1,270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in Packaging Co. of America in the fourth quarter valued at approximately $28,000. First Horizon Advisors Inc. boosted its holdings in Packaging Co. of America by 60.5% during the fourth quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $30,000 after buying an additional 69 shares in the last quarter. Gables Capital Management Inc. acquired a new stake in Packaging Co. of America during the fourth quarter valued at $31,000. Anchor Investment Management LLC purchased a new position in Packaging Co. of America in the fourth quarter valued at $37,000. Finally, Fortis Group Advisors LLC purchased a new position in Packaging Co. of America in the third quarter valued at $46,000. 89.78% of the stock is owned by institutional investors and hedge funds.

Packaging Co. of America Trading Down 1.1 %

Shares of PKG opened at $183.33 on Monday. Packaging Co. of America has a 52-week low of $127.69 and a 52-week high of $191.27. The stock has a market cap of $16.46 billion, a PE ratio of 22.92, a price-to-earnings-growth ratio of 5.02 and a beta of 0.78. The firm’s fifty day moving average is $180.46 and its two-hundred day moving average is $175.74. The company has a quick ratio of 1.74, a current ratio of 2.46 and a debt-to-equity ratio of 0.62.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.09. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.80%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the prior year, the company earned $2.20 EPS. Packaging Co. of America’s revenue was up .2% compared to the same quarter last year. Research analysts forecast that Packaging Co. of America will post 8.33 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a $1.25 dividend. The ex-dividend date is Friday, June 14th. This represents a $5.00 annualized dividend and a dividend yield of 2.73%. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PKG. Truist Financial raised their target price on Packaging Co. of America from $191.00 to $208.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, May 21st. Wells Fargo & Company upgraded Packaging Co. of America from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $187.00 to $191.00 in a research report on Wednesday, April 24th. Bank of America lifted their price target on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Finally, Citigroup reduced their price objective on shares of Packaging Co. of America from $183.00 to $181.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $176.29.

Insiders Place Their Bets

In related news, Director Karen E. Gowland bought 300 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was acquired at an average cost of $182.06 per share, with a total value of $54,618.00. Following the purchase, the director now directly owns 916 shares of the company’s stock, valued at $166,766.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by corporate insiders.

About Packaging Co. of America

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.