Park Avenue Securities LLC Sells 2,537 Shares of Packaging Co. of America (NYSE:PKG)

Park Avenue Securities LLC trimmed its holdings in Packaging Co. of America (NYSE:PKG – Get Rating) by 43.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,334 shares of the industrial products company’s stock after selling 2,537 shares during the period. Park Avenue Securities LLC’s holdings in Packaging Co. of America were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Packaging Co. of America by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,710 shares of the industrial products company’s stock valued at $1,984,000 after acquiring an additional 787 shares in the last quarter. Raymond James Trust N.A. lifted its stake in Packaging Co. of America by 120.3% in the first quarter. Raymond James Trust N.A. now owns 3,792 shares of the industrial products company’s stock valued at $592,000 after acquiring an additional 2,071 shares during the last quarter. Cibc World Market Inc. acquired a new stake in Packaging Co. of America in the 1st quarter valued at about $693,000. Sei Investments Co. increased its position in Packaging Co. of America by 3.0% during the first quarter. Sei Investments Co. now owns 162,403 shares of the industrial products company’s stock worth $25,356,000 after buying an additional 4,701 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Packaging Co. of America by 58.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 24,748 shares of the industrial products company’s stock worth $3,863,000 after acquiring an additional 9,145 shares during the last quarter. Institutional investors and hedge funds own 90.39% of the company’s stock.

Wall Street Analyst Weigh In

PKG has been the topic of several research analyst reports. Bank of America lowered shares of Packaging Co. of America from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $146.00 to $139.00 in a research report on Thursday, December 15th. Truist Financial reduced their price objective on Packaging Co. of America from $175.00 to $152.00 and set a “buy” rating for the company in a report on Thursday, September 29th. Citigroup increased their target price on Packaging Co. of America from $123.00 to $130.00 in a research note on Wednesday, January 4th. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Packaging Co. of America from $104.00 to $99.00 in a research report on Thursday, October 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $135.22.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $132.48 on Monday. The firm has a market cap of $12.26 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 2.91 and a beta of 0.86. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.99 and a current ratio of 3.02. Packaging Co. of America has a 52 week low of $110.56 and a 52 week high of $168.50. The firm’s fifty day moving average is $131.99 and its 200-day moving average is $130.43.

Packaging Co. of America (NYSE:PKG – Get Rating) last issued its earnings results on Monday, October 24th. The industrial products company reported $2.83 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.83. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.20 billion. Packaging Co. of America had a return on equity of 28.32% and a net margin of 12.09%. During the same period in the previous year, the company posted $2.69 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. Sell-side analysts predict that Packaging Co. of America will post 11.01 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Monday, December 19th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Friday, December 16th. Packaging Co. of America’s dividend payout ratio (DPR) is currently 45.54%.

About Packaging Co. of America

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Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. 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.