Packaging Co. of America (NYSE:PKG) Shares Sold by Covestor Ltd

Covestor Ltd reduced its holdings in shares of Packaging Co. of America (NYSE:PKG) by 7.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 664 shares of the industrial products company’s stock after selling 50 shares during the period. Covestor Ltd’s holdings in Packaging Co. of America were worth $143,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of PKG. Asset Dedication LLC lifted its position in Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 112 shares during the period. Central Pacific Bank Trust Division acquired a new stake in shares of Packaging Co. of America during the third quarter worth $32,000. Tortoise Investment Management LLC purchased a new position in Packaging Co. of America in the 2nd quarter valued at $33,000. Headlands Technologies LLC acquired a new position in Packaging Co. of America in the 1st quarter valued at $43,000. Finally, Strategic Financial Concepts LLC purchased a new position in Packaging Co. of America during the 2nd quarter worth $50,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Wells Fargo & Company boosted their target price on 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. Citigroup raised their price target 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, Truist Financial reaffirmed a “buy” rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Stock Performance

Shares of PKG stock opened at $241.49 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The stock has a market cap of $21.69 billion, a PE ratio of 28.15, a P/E/G ratio of 3.40 and a beta of 0.76. Packaging Co. of America has a 1 year low of $148.50 and a 1 year high of $245.00. The stock has a fifty day moving average price of $218.57 and a 200 day moving average price of $198.53.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS 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 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 firm’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.05 EPS. Sell-side analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

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 of this dividend was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.07%. Packaging Co. of America’s dividend payout ratio (DPR) is 58.28%.

About Packaging Co. of America

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.