Nordea Investment Management AB Sells 307,636 Shares of Packaging Co. of America (NYSE:PKG)

Nordea Investment Management AB cut its stake in Packaging Co. of America (NYSE:PKG - Free Report) by 97.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,756 shares of the industrial products company's stock after selling 307,636 shares during the period. Nordea Investment Management AB's holdings in Packaging Co. of America were worth $1,283,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PKG. Mendel Money Management boosted its holdings in Packaging Co. of America by 201.2% in the first quarter. Mendel Money Management now owns 4,450 shares of the industrial products company's stock worth $845,000 after purchasing an additional 8,849 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of Packaging Co. of America during the first quarter valued at $70,000. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Packaging Co. of America by 2.8% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,160 shares of the industrial products company's stock valued at $410,000 after acquiring an additional 59 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Packaging Co. of America by 4.9% during the first quarter. Janney Montgomery Scott LLC now owns 33,532 shares of the industrial products company's stock valued at $6,364,000 after acquiring an additional 1,566 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Packaging Co. of America by 17.3% during the first quarter. BNP Paribas Financial Markets now owns 106,202 shares of the industrial products company's stock valued at $20,155,000 after acquiring an additional 15,686 shares during the period. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Tuesday, May 21st. Truist Financial boosted their price objective on Packaging Co. of America from $191.00 to $208.00 and gave the stock a "buy" rating in a report on Thursday, May 30th. Wells Fargo & Company boosted their price objective on Packaging Co. of America from $191.00 to $194.00 and gave the stock an "overweight" rating in a report on Wednesday. BNP Paribas downgraded Packaging Co. of America from an "outperform" rating to a "neutral" rating and set a $182.00 target price on the stock. in a report on Friday, April 12th. Finally, Citigroup upped their target price on Packaging Co. of America from $181.00 to $187.00 and gave the company a "neutral" rating in a report on Monday. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Packaging Co. of America has a consensus rating of "Moderate Buy" and an average price target of $185.17.

Insider Transactions at Packaging Co. of America

In other Packaging Co. of America news, Director Karen E. Gowland bought 300 shares of the firm's stock in a transaction dated Wednesday, May 15th. The shares were bought at an average price of $182.06 per share, for a total transaction of $54,618.00. Following the completion of the acquisition, the director now owns 916 shares of the company's stock, valued at $166,766.96. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.60% of the company's stock.

Packaging Co. of America Stock Performance

Packaging Co. of America stock traded up $2.67 during trading hours on Friday, reaching $185.44. 434,328 shares of the company were exchanged, compared to its average volume of 626,307. Packaging Co. of America has a 12 month low of $132.70 and a 12 month high of $191.39. The firm has a market cap of $16.65 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 4.86 and a beta of 0.77. The stock has a 50-day moving average of $182.20 and a 200 day moving average of $177.42. The company has a current ratio of 2.46, a quick ratio of 1.74 and a debt-to-equity ratio of 0.62.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.09. Packaging Co. of America had a return on equity of 18.80% and a net margin of 9.25%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the company posted $2.20 earnings per share. The business's revenue for the quarter was up .2% compared to the same quarter last year. As a group, research analysts anticipate that Packaging Co. of America will post 8.33 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Friday, June 14th. Packaging Co. of America's payout ratio is presently 62.50%.

Packaging Co. of America Company Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.