Amalgamated Bank Increases Stake in Packaging Co. of America (NYSE:PKG)

Amalgamated Bank raised its position in shares of Packaging Co. of America (NYSE:PKG) by 0.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,277 shares of the industrial products company’s stock after purchasing an additional 162 shares during the quarter. Amalgamated Bank’s holdings in Packaging Co. of America were worth $3,937,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Boston Partners increased its holdings in Packaging Co. of America by 49.3% in the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock worth $274,421,000 after buying an additional 477,487 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Packaging Co. of America by 34.3% during the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock valued at $187,596,000 after purchasing an additional 262,315 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Packaging Co. of America by 164.3% in the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company’s stock worth $73,272,000 after purchasing an additional 249,483 shares during the last quarter. International Assets Investment Management LLC grew its position in Packaging Co. of America by 41,151.7% in the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company’s stock worth $33,499,000 after purchasing an additional 155,142 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Packaging Co. of America by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock valued at $210,636,000 after buying an additional 86,005 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PKG has been the subject of a number of research reports. Truist Financial reiterated a “buy” rating and set 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. Citigroup boosted their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Packaging Co. of America has a consensus rating of “Hold” and an average price target of $221.60.

Packaging Co. of America Stock Up 0.5 %

NYSE PKG opened at $240.72 on Friday. Packaging Co. of America has a 52 week low of $148.50 and a 52 week high of $245.00. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $21.62 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 3.42 and a beta of 0.76. The stock’s 50-day moving average price is $217.93 and its 200-day moving average price is $197.67.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.05 earnings per share. On average, equities research analysts predict that Packaging Co. of America will post 9 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.08%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

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.