Weiss Asset Management LP raised its position in Packaging Corporation of America (NYSE:PKG – Free Report) by 407.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,654 shares of the industrial products company’s stock after purchasing an additional 18,191 shares during the quarter. Weiss Asset Management LP’s holdings in Packaging Corporation of America were worth $4,808,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. DV Equities LLC acquired a new stake in shares of Packaging Corporation of America during the 4th quarter valued at about $26,000. Covestor Ltd increased its holdings in Packaging Corporation of America by 140.0% in the fourth quarter. Covestor Ltd now owns 156 shares of the industrial products company’s stock worth $32,000 after buying an additional 91 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in Packaging Corporation of America by 94.1% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the industrial products company’s stock worth $34,000 after buying an additional 80 shares during the last quarter. Navalign LLC bought a new position in Packaging Corporation of America during the fourth quarter valued at approximately $36,000. Finally, Oslo Pensjonsforsikring AS bought a new position in Packaging Corporation of America during the first quarter valued at approximately $41,000. 89.78% of the stock is owned by institutional investors and hedge funds.
Packaging Corporation of America Stock Down 0.4%
PKG opened at $253.48 on Monday. The firm has a market cap of $22.59 billion, a P/E ratio of 32.92, a price-to-earnings-growth ratio of 2.36 and a beta of 0.80. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.88 and a current ratio of 3.07. The business has a 50 day moving average price of $227.44 and a 200 day moving average price of $222.78. Packaging Corporation of America has a twelve month low of $189.03 and a twelve month high of $254.49.
Packaging Corporation of America Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $6.00 annualized dividend and a dividend yield of 2.4%. This is an increase from Packaging Corporation of America’s previous quarterly dividend of $1.25. Packaging Corporation of America’s payout ratio is currently 77.92%.
Insider Transactions at Packaging Corporation of America
In related news, CEO Mark W. Kowlzan sold 9,266 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $217.08, for a total value of $2,011,463.28. Following the transaction, the chief executive officer directly owned 473,610 shares in the company, valued at approximately $102,811,258.80. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.60% of the company’s stock.
Wall Street Analysts Forecast Growth
PKG has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Packaging Corporation of America from $269.00 to $271.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group upgraded shares of Packaging Corporation of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $232.00 to $248.00 in a research note on Wednesday, May 20th. Weiss Ratings downgraded shares of Packaging Corporation of America from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Truist Financial lifted their price objective on shares of Packaging Corporation of America from $258.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, Citigroup upped their price objective on shares of Packaging Corporation of America from $229.00 to $241.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $256.43.
View Our Latest Report on Packaging Corporation of America
Packaging Corporation of America Company Profile
Packaging Corporation of America (NYSE: PKG) is a leading North American manufacturer of containerboard and corrugated packaging products. The company produces a range of paper-based packaging solutions including linerboard, corrugating medium, corrugated shipping containers, retail-ready packaging and point-of-purchase displays. In addition to core packaging products, Packaging Corporation of America offers packaging design, testing and supply-chain services intended to optimize protection, cost and sustainability for customers.
Headquartered in Lake Forest, Illinois, the company operates an integrated network of mills and corrugated manufacturing facilities across the United States and serves customers throughout North America in industries such as e-commerce, grocery and food & beverage, consumer packaged goods and industrial markets.
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