Allspring Global Investments Holdings LLC Has $17.43 Million Stock Holdings in Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC boosted its stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 23.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 80,906 shares of the industrial products company's stock after buying an additional 15,536 shares during the period. Allspring Global Investments Holdings LLC owned about 0.09% of Packaging Co. of America worth $17,427,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Boston Partners raised its position in Packaging Co. of America by 49.3% during the first quarter. Boston Partners now owns 1,446,303 shares of the industrial products company's stock valued at $274,421,000 after buying an additional 477,487 shares during the period. Millennium Management LLC lifted its position in shares of Packaging Co. of America by 34.3% in the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company's stock worth $187,596,000 after purchasing an additional 262,315 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Packaging Co. of America by 164.3% in the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock worth $73,272,000 after purchasing an additional 249,483 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Packaging Co. of America by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company's stock worth $210,636,000 after purchasing an additional 86,005 shares during the period. Finally, Distillate Capital Partners LLC purchased a new position in Packaging Co. of America during the second quarter valued at approximately $13,829,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a research note on Tuesday. Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a research report on Thursday. Truist Financial reiterated a "buy" rating and set a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a report on Thursday. Finally, Citigroup increased their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Packaging Co. of America has a consensus rating of "Moderate Buy" and an average price target of $221.60.

Packaging Co. of America Stock Down 0.7 %

Shares of NYSE PKG traded down $1.65 during mid-day trading on Friday, reaching $225.86. 451,765 shares of the company traded hands, compared to its average volume of 598,833. The company's fifty day moving average is $211.45 and its two-hundred day moving average is $193.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. Packaging Co. of America has a fifty-two week low of $148.50 and a fifty-two week high of $231.30. The stock has a market cap of $20.28 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 4.24 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the company posted $2.05 earnings per share. The company's revenue for the quarter was up 14.9% compared to the same quarter last year. On average, analysts expect that Packaging Co. of America will post 8.77 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were paid a $1.25 dividend. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.21%. 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.