Hartford Investment Management Co. Lowers Holdings in Packaging Co. of America (NYSE:PKG)

Hartford Investment Management Co. decreased its holdings in shares of Packaging Co. of America (NYSE:PKG) by 1.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,662 shares of the industrial products company’s stock after selling 67 shares during the quarter. Hartford Investment Management Co.’s holdings in Packaging Co. of America were worth $1,220,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC purchased a new stake in Packaging Co. of America in the 1st quarter valued at about $377,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Packaging Co. of America by 5.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,217 shares of the industrial products company’s stock valued at $5,165,000 after acquiring an additional 1,421 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in shares of Packaging Co. of America during the first quarter valued at about $25,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of Packaging Co. of America by 101.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 12,613 shares of the industrial products company’s stock valued at $2,394,000 after acquiring an additional 6,360 shares during the period. Finally, Guidance Capital Inc. purchased a new position in shares of Packaging Co. of America during the 1st quarter worth approximately $905,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on PKG. Truist Financial restated a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday. Wells Fargo & Company lifted their price target 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. Citigroup increased their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Stock Down 0.7 %

PKG opened at $225.86 on Friday. Packaging Co. of America has a 52 week low of $148.50 and a 52 week high of $231.30. The business has a 50 day moving average price of $212.04 and a two-hundred day moving average price of $194.18. 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 cap of $20.28 billion, a PE ratio of 28.23, a P/E/G ratio of 4.24 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The business’s revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the business earned $2.05 EPS. As a group, research analysts anticipate that Packaging Co. of America will post 8.77 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were issued a $1.25 dividend. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.21%. Packaging Co. of America’s dividend payout ratio is presently 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.