Bank of Nova Scotia Has $19 Million Stock Position in Packaging Co. of America (NYSE:PKG)

Bank of Nova Scotia increased its position in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 534.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 84,411 shares of the industrial products company's stock after buying an additional 71,103 shares during the period. Bank of Nova Scotia owned 0.09% of Packaging Co. of America worth $19,003,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PKG. Sanctuary Advisors LLC raised its holdings in shares of Packaging Co. of America by 17.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 20,270 shares of the industrial products company's stock valued at $4,366,000 after purchasing an additional 2,946 shares during the period. Jackson Creek Investment Advisors LLC bought a new stake in Packaging Co. of America in the fourth quarter valued at approximately $293,000. AlphaQuest LLC lifted its position in shares of Packaging Co. of America by 25.3% in 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 last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Packaging Co. of America during the 4th quarter worth approximately $6,966,000. Finally, Sciencast Management LP bought a new stake in Packaging Co. of America in the 4th quarter valued at $2,853,000. 89.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PKG has been the subject of a number of research analyst reports. Citigroup lifted their price objective on shares of Packaging Co. of America from $232.00 to $235.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Seaport Res Ptn upgraded shares of Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating and raised their price objective for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. StockNews.com downgraded Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Sunday, April 6th. Finally, Truist Financial reiterated a "buy" rating and set a $265.00 target price (down previously from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Packaging Co. of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.80.

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Packaging Co. of America Price Performance

Shares of PKG stock traded down $1.01 during trading on Tuesday, hitting $189.64. The company had a trading volume of 102,993 shares, compared to its average volume of 959,477. The firm has a market capitalization of $17.05 billion, a P/E ratio of 21.24, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84. Packaging Co. of America has a one year low of $169.00 and a one year high of $250.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The stock's 50-day moving average price is $200.38 and its 200 day moving average price is $219.93.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.04). Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. Equities analysts expect that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, March 14th. Packaging Co. of America's dividend payout ratio (DPR) is presently 55.99%.

About Packaging Co. of America

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.