Wedmont Private Capital Sells 208 Shares of Packaging Co. of America (NYSE:PKG)

Wedmont Private Capital trimmed its holdings in Packaging Co. of America (NYSE:PKG) by 11.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,639 shares of the industrial products company’s stock after selling 208 shares during the quarter. Wedmont Private Capital’s holdings in Packaging Co. of America were worth $310,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PKG. Jackson Creek Investment Advisors LLC purchased a new position in Packaging Co. of America in the 4th quarter worth $293,000. AlphaQuest LLC boosted its position in Packaging Co. of America by 25.3% during the fourth quarter. AlphaQuest LLC now owns 9,683 shares of the industrial products company’s stock valued at $2,180,000 after buying an additional 1,954 shares during the period. Distillate Capital Partners LLC bought a new position in shares of Packaging Co. of America during the fourth quarter valued at about $15,828,000. Strategic Financial Concepts LLC purchased a new position in shares of Packaging Co. of America in the fourth quarter worth about $6,966,000. Finally, Sciencast Management LP purchased a new position in shares of Packaging Co. of America in the fourth quarter worth about $2,853,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Down 2.0%

Shares of Packaging Co. of America stock opened at $193.22 on Thursday. The company’s fifty day simple moving average is $188.53 and its two-hundred day simple moving average is $208.98. Packaging Co. of America has a 12-month low of $172.72 and a 12-month high of $250.82. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The company has a market cap of $17.39 billion, a P/E ratio of 21.64, a PEG ratio of 2.41 and a beta of 0.84.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.10. Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Research analysts anticipate that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 2.59%. The ex-dividend date is Friday, June 13th. Packaging Co. of America’s payout ratio is currently 52.30%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PKG shares. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Wall Street Zen cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Sunday, April 6th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $180.00 target price (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. UBS Group initiated coverage on shares of Packaging Co. of America in a research report on Wednesday, June 4th. They set a “neutral” rating and a $200.00 price target for the company. Finally, Truist Financial cut their price target on shares of Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Four research 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, the stock 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.