State of Michigan Retirement System Has $4.87 Million Position in Packaging Co. of America (NYSE:PKG)

State of Michigan Retirement System trimmed its holdings in shares of Packaging Co. of America (NYSE:PKG) by 0.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 25,663 shares of the industrial products company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Packaging Co. of America were worth $4,870,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Louisiana State Employees Retirement System bought a new stake in Packaging Co. of America during the fourth quarter worth about $880,000. International Assets Investment Management LLC raised its stake in shares of Packaging Co. of America by 19,323.7% during the 4th quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock worth $4,936,000 after purchasing an additional 30,145 shares in the last quarter. Cim LLC acquired a new stake in shares of Packaging Co. of America in the 4th quarter valued at approximately $2,003,000. AXS Investments LLC bought a new position in shares of Packaging Co. of America in the fourth quarter valued at $766,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in Packaging Co. of America during the fourth quarter worth $16,338,000. Institutional investors own 89.78% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PKG shares. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, May 21st. Citigroup dropped their price objective on Packaging Co. of America from $183.00 to $181.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. Wells Fargo & Company upgraded Packaging Co. of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $187.00 to $191.00 in a research note on Wednesday, April 24th. BNP Paribas cut Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price target on the stock. in a research note on Friday, April 12th. Finally, Truist Financial lifted their price objective on shares of Packaging Co. of America from $191.00 to $208.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $183.67.

Packaging Co. of America Stock Down 1.4 %

Shares of NYSE:PKG opened at $177.52 on Wednesday. The firm has a market cap of $15.94 billion, a P/E ratio of 22.19, a P/E/G ratio of 4.94 and a beta of 0.77. Packaging Co. of America has a 12-month low of $127.69 and a 12-month high of $191.39. The business has a fifty day simple moving average of $181.27 and a 200 day simple moving average of $176.69. 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 posted its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.72 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the firm posted $2.20 EPS. The company’s quarterly revenue was up .2% on a year-over-year basis. Analysts predict that Packaging Co. of America will post 8.33 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Friday, June 14th. Packaging Co. of America’s payout ratio is 62.50%.

Insider Transactions at Packaging Co. of America

In related news, Director Karen E. Gowland bought 300 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were bought at an average price of $182.06 per share, for a total transaction of $54,618.00. Following the completion of the acquisition, the director now directly owns 916 shares of the company’s stock, valued at $166,766.96. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by insiders.

Packaging Co. of America Company Profile

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.