State of Alaska Department of Revenue Lowers Stake in Packaging Co. of America (NYSE:PKG)

State of Alaska Department of Revenue lowered its stake in shares of Packaging Co. of America (NYSE:PKG) by 28.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,746 shares of the industrial products company’s stock after selling 6,615 shares during the quarter. State of Alaska Department of Revenue’s holdings in Packaging Co. of America were worth $3,606,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Central Pacific Bank Trust Division purchased a new position in Packaging Co. of America in the 3rd quarter worth $32,000. Asset Dedication LLC raised its position in Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares during the period. Tortoise Investment Management LLC purchased a new position in Packaging Co. of America in the 2nd quarter worth $33,000. Headlands Technologies LLC purchased a new position in Packaging Co. of America in the 1st quarter worth $43,000. Finally, Allworth Financial LP raised its position in Packaging Co. of America by 65.1% in the 3rd quarter. Allworth Financial LP now owns 312 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 123 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Citigroup lifted their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lifted their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Truist Financial restated a “buy” rating and issued a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Price Performance

PKG stock opened at $228.79 on Thursday. The firm’s 50-day moving average price is $213.79 and its two-hundred day moving average price is $195.09. Packaging Co. of America has a 12-month low of $148.50 and a 12-month high of $231.30. The stock has a market capitalization of $20.55 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 3.20 and a beta of 0.77. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.05 EPS. As a group, equities analysts predict that Packaging Co. of America will post 9 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s payout ratio is 62.50%.

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.