Allspring Global Investments Holdings LLC Boosts Holdings in Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC increased its holdings in Packaging Co. of America (NYSE:PKG) by 90.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,431 shares of the industrial products company’s stock after purchasing an additional 6,368 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Packaging Co. of America were worth $2,188,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. CENTRAL TRUST Co increased its position in shares of Packaging Co. of America by 1.8% during the 4th quarter. CENTRAL TRUST Co now owns 3,429 shares of the industrial products company’s stock valued at $559,000 after purchasing an additional 62 shares during the last quarter. Scotia Capital Inc. grew its position in Packaging Co. of America by 1.2% in the 3rd quarter. Scotia Capital Inc. now owns 5,152 shares of the industrial products company’s stock valued at $791,000 after acquiring an additional 63 shares during the last quarter. Essex Savings Bank grew its position in Packaging Co. of America by 4.0% in the 4th quarter. Essex Savings Bank now owns 1,643 shares of the industrial products company’s stock valued at $268,000 after acquiring an additional 63 shares during the last quarter. State of Wyoming grew its position in Packaging Co. of America by 33.3% in the 2nd quarter. State of Wyoming now owns 284 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 71 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC grew its position in Packaging Co. of America by 0.4% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 16,793 shares of the industrial products company’s stock valued at $2,736,000 after acquiring an additional 72 shares during the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Price Performance

PKG opened at $179.89 on Monday. Packaging Co. of America has a 12-month low of $122.20 and a 12-month high of $191.27. The company has a current ratio of 2.57, a quick ratio of 1.77 and a debt-to-equity ratio of 0.62. The business’s fifty day simple moving average is $181.22 and its 200-day simple moving average is $167.69. The company has a market capitalization of $16.15 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 4.33 and a beta of 0.78.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.30. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.35 EPS. On average, equities research analysts anticipate that Packaging Co. of America will post 8.31 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 15th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, March 14th. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.96%.

Insider Buying and Selling

In related news, CFO Robert P. Mundy sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the sale, the chief financial officer now directly owns 46,454 shares in the company, valued at approximately $8,478,319.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 14,191 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $173.80, for a total value of $2,466,395.80. Following the completion of the sale, the vice president now directly owns 183,930 shares in the company, valued at $31,967,034. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Robert P. Mundy sold 10,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total value of $1,825,100.00. Following the completion of the sale, the chief financial officer now owns 46,454 shares of the company’s stock, valued at $8,478,319.54. The disclosure for this sale can be found here. Insiders sold 38,041 shares of company stock worth $6,799,177 in the last three months. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on PKG shares. Truist Financial upped their price objective on Packaging Co. of America from $170.00 to $187.00 and gave the company a “buy” rating in a research report on Thursday, January 4th. Seaport Res Ptn downgraded Packaging Co. of America from a “buy” rating to a “neutral” rating in a research report on Monday, January 29th. BNP Paribas downgraded Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective on the stock. in a research report on Friday, April 12th. Bank of America raised Packaging Co. of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $172.00 to $202.00 in a research report on Monday, March 4th. Finally, Citigroup increased their price target on Packaging Co. of America from $172.00 to $183.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $171.29.

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.