Merit Financial Group LLC Purchases 2,929 Shares of Packaging Co. of America (NYSE:PKG)

Merit Financial Group LLC grew its stake in shares of Packaging Co. of America (NYSE:PKG) by 169.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,661 shares of the industrial products company’s stock after buying an additional 2,929 shares during the period. Merit Financial Group LLC’s holdings in Packaging Co. of America were worth $923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of PKG. Choreo LLC raised its position in shares of Packaging Co. of America by 6.3% during the fourth quarter. Choreo LLC now owns 2,719 shares of the industrial products company’s stock valued at $612,000 after buying an additional 161 shares during the last quarter. Bleakley Financial Group LLC raised its position in shares of Packaging Co. of America by 10.3% during the fourth quarter. Bleakley Financial Group LLC now owns 1,254 shares of the industrial products company’s stock valued at $282,000 after buying an additional 117 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Packaging Co. of America during the fourth quarter valued at approximately $6,966,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Packaging Co. of America by 19.2% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,551 shares of the industrial products company’s stock valued at $2,375,000 after buying an additional 1,699 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new stake in shares of Packaging Co. of America during the fourth quarter valued at approximately $48,000. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 0.9%

NYSE PKG opened at $196.47 on Friday. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The company has a fifty day moving average of $188.27 and a two-hundred day moving average of $209.77. The firm has a market capitalization of $17.68 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 2.41 and a beta of 0.85. Packaging Co. of America has a 52 week low of $172.72 and a 52 week high of $250.82.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.21 by $0.10. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. On average, analysts predict that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, June 13th. Packaging Co. of America’s payout ratio is 52.30%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PKG shares. Wall Street Zen cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Sunday, April 6th. Wells Fargo & Company reissued an “equal weight” rating and issued a $180.00 target price (down from $205.00) on shares of Packaging Co. of America in a report on Friday, May 9th. Truist Financial cut their target price on shares of Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Seaport Res Ptn raised shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Finally, UBS Group initiated coverage on shares of Packaging Co. of America in a report on Wednesday. They issued a “neutral” rating and a $200.00 target price for the company. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $222.17.

Packaging Co. of America Company Profile

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.