Packaging Co. of America (NYSE:PKG) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its holdings in shares of Packaging Co. of America (NYSE:PKG) by 17.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,356 shares of the industrial products company’s stock after selling 5,720 shares during the period. State of Alaska Department of Revenue’s holdings in Packaging Co. of America were worth $5,190,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PKG. Norges Bank bought a new stake in shares of Packaging Co. of America in the 4th quarter worth approximately $163,314,000. Balyasny Asset Management L.P. lifted its stake in Packaging Co. of America by 175.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 438,285 shares of the industrial products company’s stock valued at $71,401,000 after buying an additional 279,059 shares during the last quarter. Retirement Systems of Alabama lifted its stake in Packaging Co. of America by 1,133.4% in the fourth quarter. Retirement Systems of Alabama now owns 250,752 shares of the industrial products company’s stock valued at $40,850,000 after buying an additional 230,422 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Packaging Co. of America by 31.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 783,619 shares of the industrial products company’s stock valued at $127,659,000 after acquiring an additional 189,401 shares during the period. Finally, Boston Partners grew its position in shares of Packaging Co. of America by 20.1% during the fourth quarter. Boston Partners now owns 968,816 shares of the industrial products company’s stock worth $157,836,000 after acquiring an additional 162,420 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Analyst Ratings Changes

PKG has been the topic of several recent research reports. Citigroup cut their price objective on shares of Packaging Co. of America from $183.00 to $181.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, May 21st. BNP Paribas lowered Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective for the company. in a report on Friday, April 12th. 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. Finally, Bank of America boosted their price target on Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Four investment analysts have rated the stock with a hold rating and four have issued a 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 a consensus price target of $183.67.

Packaging Co. of America Price Performance

NYSE PKG opened at $179.58 on Friday. Packaging Co. of America has a 12 month low of $127.69 and a 12 month high of $191.39. The firm has a market capitalization of $16.13 billion, a PE ratio of 22.45, a P/E/G ratio of 4.86 and a beta of 0.77. The company’s 50 day simple moving average is $181.55 and its 200 day simple moving average is $176.73. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.46 and a quick ratio of 1.74.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results 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 return on equity of 18.80% and a net margin of 9.25%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period last year, the firm earned $2.20 EPS. The firm’s revenue for the quarter was up .2% on a year-over-year basis. As a group, equities research analysts forecast that Packaging Co. of America will post 8.33 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Friday, June 14th. Packaging Co. of America’s payout ratio is 62.50%.

Insider Activity

In other Packaging Co. of America news, Director Karen E. Gowland acquired 300 shares of the stock in a transaction dated Wednesday, May 15th. The shares were bought at an average price 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 approximately $166,766.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.70% of the company’s stock.

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.