Allspring Global Investments Holdings LLC Reduces Holdings in Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 63.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,252 shares of the industrial products company's stock after selling 51,654 shares during the period. Allspring Global Investments Holdings LLC's holdings in Packaging Co. of America were worth $6,589,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of PKG. Exchange Traded Concepts LLC acquired a new position in shares of Packaging Co. of America during the third quarter worth $78,000. Creative Planning lifted its holdings in Packaging Co. of America by 3.3% in the third quarter. Creative Planning now owns 16,842 shares of the industrial products company's stock valued at $3,628,000 after buying an additional 534 shares during the period. Eastern Bank acquired a new position in Packaging Co. of America in the third quarter valued at $108,000. Axecap Investments LLC acquired a new position in shares of Packaging Co. of America during the third quarter valued at about $4,098,000. Finally, International Assets Investment Management LLC raised its holdings in shares of Packaging Co. of America by 41,151.7% during the third quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company's stock valued at $33,499,000 after purchasing an additional 155,142 shares during the period. Institutional investors and hedge funds own 89.78% of the company's stock.

Insiders Place Their Bets

In other news, SVP Joseph Vaughn sold 2,300 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total value of $563,247.00. Following the completion of the sale, the senior vice president now directly owns 9,197 shares of the company's stock, valued at approximately $2,252,253.33. This trade represents a 20.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

Packaging Co. of America Price Performance

Shares of NYSE:PKG traded down $1.49 during trading on Friday, reaching $208.19. The company had a trading volume of 1,411,497 shares, compared to its average volume of 911,806. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 12 month low of $169.00 and a 12 month high of $250.82. The company has a fifty day moving average of $224.09 and a two-hundred day moving average of $221.82. The stock has a market capitalization of $18.70 billion, a P/E ratio of 23.31, a price-to-earnings-growth ratio of 2.41 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its 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%. Equities research analysts forecast that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Friday, December 20th. Packaging Co. of America's dividend payout ratio (DPR) is presently 55.99%.

Analyst Upgrades and Downgrades

PKG has been the topic of several research reports. StockNews.com lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a report on Wednesday, January 29th. Jefferies Financial Group raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating and boosted their target price for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. Wells Fargo & Company decreased their target price on shares of Packaging Co. of America from $253.00 to $236.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Seaport Res Ptn raised shares of Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 13th. Finally, Truist Financial reiterated a "buy" rating and issued a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Packaging Co. of America presently has an average 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.