Norges Bank Takes $258.93 Million Position in Packaging Co. of America (NYSE:PKG)

Norges Bank acquired a new stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,150,125 shares of the industrial products company's stock, valued at approximately $258,928,000. Norges Bank owned approximately 1.28% of Packaging Co. of America as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sanctuary Advisors LLC grew its position in shares of Packaging Co. of America by 17.0% during the third quarter. Sanctuary Advisors LLC now owns 20,270 shares of the industrial products company's stock worth $4,366,000 after buying an additional 2,946 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new position in Packaging Co. of America during the 4th quarter valued at $293,000. AlphaQuest LLC grew its holdings in Packaging Co. of America by 25.3% during the 4th quarter. AlphaQuest LLC now owns 9,683 shares of the industrial products company's stock worth $2,180,000 after acquiring an additional 1,954 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Packaging Co. of America in the 4th quarter worth about $6,966,000. Finally, Sciencast Management LP bought a new stake in shares of Packaging Co. of America in the 4th quarter worth about $2,853,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock traded up $1.62 during trading on Wednesday, hitting $201.55. 406,556 shares of the stock were exchanged, compared to its average volume of 673,203. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a 12 month low of $169.00 and a 12 month high of $250.82. The stock's fifty day moving average is $208.82 and its 200 day moving average is $222.13. The stock has a market cap of $18.10 billion, a PE ratio of 22.57, a P/E/G ratio of 2.41 and a beta of 0.77.

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

Packaging Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be paid a $1.25 dividend. The ex-dividend date is Friday, March 14th. This represents a $5.00 annualized dividend and a dividend yield of 2.48%. Packaging Co. of America's payout ratio is 55.99%.

Analyst Upgrades and Downgrades

PKG has been the subject of a number of research reports. Truist Financial reiterated a "buy" rating and issued a $265.00 price target (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Seaport Res Ptn upgraded Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 13th. Jefferies Financial Group raised Packaging Co. of America from a "hold" rating to a "buy" rating and upped their price target for the company from $215.00 to $280.00 in a research report on Wednesday, December 18th. StockNews.com raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Wells Fargo & Company dropped their target price on shares of Packaging Co. of America from $253.00 to $236.00 and set an "overweight" rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $233.00.

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.