First United Bank & Trust Acquires Shares of 1,457 Packaging Co. of America (NYSE:PKG)

First United Bank & Trust acquired a new stake in Packaging Co. of America (NYSE:PKG) during the 1st quarter, Holdings Channel reports. The institutional investor acquired 1,457 shares of the industrial products company’s stock, valued at approximately $289,000.

Several other hedge funds also recently added to or reduced their stakes in PKG. Norges Bank purchased a new position in Packaging Co. of America in the fourth quarter valued at about $258,928,000. GAMMA Investing LLC grew its stake in shares of Packaging Co. of America by 25,461.0% during the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company’s stock valued at $123,047,000 after acquiring an additional 618,956 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Packaging Co. of America by 106.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company’s stock valued at $190,999,000 after acquiring an additional 438,012 shares in the last quarter. Select Equity Group L.P. acquired a new stake in shares of Packaging Co. of America during the fourth quarter valued at about $72,339,000. Finally, Point72 Asset Management L.P. grew its stake in shares of Packaging Co. of America by 642.7% during the fourth quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company’s stock valued at $61,192,000 after acquiring an additional 235,211 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PKG. Wall Street Zen downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $180.00 price target (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. UBS Group began coverage on Packaging Co. of America in a research note on Wednesday, June 4th. They issued a “neutral” rating and a $200.00 price target for the company. Finally, Truist Financial decreased their price target on Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.17.

Packaging Co. of America Stock Performance

Shares of NYSE PKG opened at $193.22 on Thursday. 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 firm’s 50-day moving average price is $188.53 and its two-hundred day moving average price is $208.98. Packaging Co. of America has a 52-week low of $172.72 and a 52-week high of $250.82. The stock has a market capitalization of $17.39 billion, a P/E ratio of 21.64, a P/E/G ratio of 2.41 and a beta of 0.84.

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

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 annualized dividend and a yield of 2.59%. Packaging Co. of America’s payout ratio is 52.30%.

Packaging Co. of America 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.