FMR LLC lessened its position in Packaging Co. of America (NYSE:PKG - Free Report) by 17.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 883,186 shares of the industrial products company's stock after selling 193,164 shares during the period. FMR LLC owned approximately 0.98% of Packaging Co. of America worth $198,832,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Packaging Co. of America during the fourth quarter valued at approximately $258,928,000. Raymond James Financial Inc. acquired a new position in shares of Packaging Co. of America in the 4th quarter worth $50,175,000. Conning Inc. acquired a new stake in shares of Packaging Co. of America during the fourth quarter worth $32,329,000. Vanguard Group Inc. lifted its holdings in shares of Packaging Co. of America by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 11,423,715 shares of the industrial products company's stock valued at $2,571,821,000 after purchasing an additional 133,575 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Packaging Co. of America by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,069,949 shares of the industrial products company's stock valued at $691,138,000 after purchasing an additional 132,836 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company's stock.
Wall Street Analyst Weigh In
PKG has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on Packaging Co. of America from $236.00 to $209.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Truist Financial reaffirmed a "buy" rating and issued a $265.00 price objective (down previously from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. Seaport Res Ptn upgraded Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 13th. Finally, Citigroup lifted their price target on Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.80.
View Our Latest Stock Report on PKG
Packaging Co. of America Stock Down 1.1 %
Shares of NYSE:PKG traded down $2.14 during trading on Tuesday, reaching $188.51. 447,513 shares of the company traded hands, compared to its average volume of 698,036. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 1-year low of $169.00 and a 1-year high of $250.82. The firm has a fifty day simple moving average of $199.90 and a 200 day simple moving average of $219.71. The firm has a market cap of $16.95 billion, a P/E ratio of 21.11, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84.
Packaging Co. of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates 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%. Analysts anticipate that Packaging Co. of America will post 10.44 earnings per share for the current fiscal year.
Packaging Co. of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Friday, March 14th. Packaging Co. of America's dividend payout ratio is 55.99%.
About Packaging Co. of America
(
Free Report)
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.
See Also
Before you consider Packaging Co. of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Packaging Co. of America wasn't on the list.
While Packaging Co. of America currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
