Weiss Asset Management LP Takes $6.21 Million Position in Packaging Co. of America (NYSE:PKG)

Weiss Asset Management LP bought a new stake in shares of Packaging Co. of America (NYSE:PKG – Get Rating) during the third quarter, Holdings Channel.com reports. The fund bought 55,325 shares of the industrial products company’s stock, valued at approximately $6,212,000.

A number of other large investors have also recently modified their holdings of PKG. Price T Rowe Associates Inc. MD boosted its stake in shares of Packaging Co. of America by 13.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,713,547 shares of the industrial products company’s stock valued at $510,612,000 after purchasing an additional 450,466 shares in the last quarter. Amundi boosted its stake in shares of Packaging Co. of America by 88.2% during the 2nd quarter. Amundi now owns 632,746 shares of the industrial products company’s stock valued at $85,698,000 after purchasing an additional 296,454 shares in the last quarter. Invesco Ltd. lifted its position in Packaging Co. of America by 30.1% during the 1st quarter. Invesco Ltd. now owns 1,201,621 shares of the industrial products company’s stock valued at $187,586,000 after acquiring an additional 278,124 shares during the period. Goldman Sachs Group Inc. lifted its position in Packaging Co. of America by 79.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 594,179 shares of the industrial products company’s stock valued at $92,757,000 after acquiring an additional 262,314 shares during the period. Finally, LSV Asset Management lifted its position in Packaging Co. of America by 241.4% during the 3rd quarter. LSV Asset Management now owns 293,300 shares of the industrial products company’s stock valued at $32,935,000 after acquiring an additional 207,400 shares during the period. Institutional investors own 90.39% of the company’s stock.

Packaging Co. of America Stock Down 1.4 %

Shares of Packaging Co. of America stock opened at $127.32 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.75 and a current ratio of 2.87. The stock has a market capitalization of $11.42 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 2.87 and a beta of 0.88. Packaging Co. of America has a 52-week low of $110.56 and a 52-week high of $168.50. The company has a 50-day simple moving average of $136.90 and a two-hundred day simple moving average of $130.00.

Packaging Co. of America (NYSE:PKG – Get Rating) last released its quarterly earnings data on Thursday, January 26th. The industrial products company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.11. Packaging Co. of America had a net margin of 12.12% and a return on equity of 27.00%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the previous year, the company earned $2.76 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, analysts anticipate that Packaging Co. of America will post 9.14 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Wednesday, March 15th will be issued a dividend of $1.25 per share. The ex-dividend date is Tuesday, March 14th. This represents a $5.00 annualized dividend and a dividend yield of 3.93%. Packaging Co. of America’s payout ratio is 45.41%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PKG. Truist Financial lifted their price target on shares of Packaging Co. of America from $138.00 to $144.00 and gave the company a “buy” rating in a research report on Friday, January 27th. Wells Fargo & Company lifted their price target on shares of Packaging Co. of America from $124.00 to $125.00 and gave the company an “equal weight” rating in a research report on Monday, January 9th. Citigroup lifted their price target on shares of Packaging Co. of America from $123.00 to $130.00 in a research report on Wednesday, January 4th. Bank of America cut shares of Packaging Co. of America from a “buy” rating to a “neutral” rating and lowered their price target for the company from $146.00 to $139.00 in a research report on Thursday, December 15th. Finally, StockNews.com assumed coverage on shares of Packaging Co. of America in a research report on Thursday. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Packaging Co. of America currently has an average rating of “Hold” and an average target price of $131.88.

Packaging Co. of America Company Profile

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Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.