Balyasny Asset Management L.P. Raises Position in Packaging Co. of America (NYSE:PKG)

Balyasny Asset Management L.P. lifted its holdings in Packaging Co. of America (NYSE:PKGFree Report) by 175.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 438,285 shares of the industrial products company’s stock after buying an additional 279,059 shares during the quarter. Balyasny Asset Management L.P. owned 0.49% of Packaging Co. of America worth $71,401,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Horizon Advisors Inc. increased its stake in shares of Packaging Co. of America by 60.5% during the 4th quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 69 shares in the last quarter. Gables Capital Management Inc. purchased a new position in shares of Packaging Co. of America in the 4th quarter worth $31,000. Anchor Investment Management LLC purchased a new stake in Packaging Co. of America during the fourth quarter valued at about $37,000. Fortis Group Advisors LLC acquired a new position in shares of Packaging Co. of America in the 3rd quarter valued at about $46,000. Finally, BKM Wealth Management LLC purchased a new position in Packaging Co. of America in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 0.5 %

Packaging Co. of America stock opened at $184.41 on Tuesday. Packaging Co. of America has a one year low of $127.69 and a one year high of $191.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.74 and a current ratio of 2.46. The firm has a market capitalization of $16.56 billion, a P/E ratio of 23.05, a P/E/G ratio of 7.85 and a beta of 0.78. The company has a 50-day simple moving average of $181.07 and a 200-day simple moving average of $174.17.

Packaging Co. of America (NYSE:PKGGet Free Report) last announced its earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.63 by $0.09. Packaging Co. of America had a return on equity of 18.80% and a net margin of 9.25%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the previous year, the company earned $2.20 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year. As a group, equities analysts expect that Packaging Co. of America will post 8.27 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.71%. The ex-dividend date is Friday, June 14th. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Citigroup lowered their price objective on Packaging Co. of America from $183.00 to $181.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, May 21st. BNP Paribas lowered shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 target price on the stock. in a research note on Friday, April 12th. Bank of America upgraded 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 note on Monday, March 4th. Finally, Truist Financial raised their price objective on Packaging Co. of America from $191.00 to $208.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $176.57.

Check Out Our Latest Stock Report on PKG

Insider Buying and Selling

In other news, Director Karen E. Gowland acquired 300 shares of Packaging Co. of America stock in a transaction on Wednesday, May 15th. The stock was bought at an average cost of $182.06 per share, with a total value of $54,618.00. Following the completion of the purchase, the director now owns 916 shares of the company’s stock, valued at $166,766.96. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.70% of the stock is currently owned by insiders.

Packaging Co. of America Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Packaging Co. of America (NYSE:PKG)

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