New York State Common Retirement Fund Sells 18,292 Shares of Packaging Co. of America (NYSE:PKG)

New York State Common Retirement Fund trimmed its position in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 20.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,362 shares of the industrial products company's stock after selling 18,292 shares during the period. New York State Common Retirement Fund owned 0.08% of Packaging Co. of America worth $15,802,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Asset Dedication LLC boosted its stake in shares of Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company's stock worth $31,000 after acquiring an additional 112 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Packaging Co. of America in the third quarter valued at $32,000. Tortoise Investment Management LLC bought a new position in shares of Packaging Co. of America in the second quarter valued at about $33,000. Headlands Technologies LLC acquired a new stake in shares of Packaging Co. of America during the 1st quarter worth about $43,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Packaging Co. of America during the 2nd quarter worth about $50,000. 89.78% of the stock is owned by institutional investors.

Packaging Co. of America Price Performance

Shares of NYSE:PKG traded up $8.98 during trading on Wednesday, reaching $241.59. 754,129 shares of the company traded hands, compared to its average volume of 600,831. The firm has a market capitalization of $21.70 billion, a PE ratio of 28.12, a PEG ratio of 3.26 and a beta of 0.76. Packaging Co. of America has a 52 week low of $148.50 and a 52 week high of $245.00. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The company's 50 day moving average is $215.92 and its two-hundred day moving average is $196.64.

Packaging Co. of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. Packaging Co. of America's revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.05 earnings per share. As a group, sell-side analysts predict that Packaging Co. of America will post 9 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Monday, September 16th. Packaging Co. of America's dividend payout ratio is presently 58.28%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PKG shares. Truist Financial restated a "buy" rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Citigroup boosted their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their price objective on Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. Finally, StockNews.com cut shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $221.60.

Packaging Co. of America 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.