Cinctive Capital Management LP Sells 2,003 Shares of Packaging Co. of America (NYSE:PKG)

Cinctive Capital Management LP reduced its holdings in Packaging Co. of America (NYSE:PKG - Free Report) by 39.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,118 shares of the industrial products company's stock after selling 2,003 shares during the quarter. Cinctive Capital Management LP's holdings in Packaging Co. of America were worth $702,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Public Sector Pension Investment Board lifted its holdings in Packaging Co. of America by 15.0% in the third quarter. Public Sector Pension Investment Board now owns 3,830 shares of the industrial products company's stock worth $825,000 after acquiring an additional 500 shares during the last quarter. Centiva Capital LP bought a new stake in shares of Packaging Co. of America in the 3rd quarter worth approximately $949,000. HighTower Advisors LLC boosted its position in Packaging Co. of America by 1.6% during the 3rd quarter. HighTower Advisors LLC now owns 222,551 shares of the industrial products company's stock valued at $47,941,000 after purchasing an additional 3,579 shares during the period. Investment Management Corp of Ontario boosted its position in Packaging Co. of America by 22.1% during the 3rd quarter. Investment Management Corp of Ontario now owns 5,517 shares of the industrial products company's stock valued at $1,188,000 after purchasing an additional 1,000 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new position in Packaging Co. of America during the 3rd quarter worth $312,000. 89.78% of the stock is owned by institutional investors and hedge funds.

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Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock traded up $13.51 during midday trading on Wednesday, hitting $189.48. The company had a trading volume of 1,300,955 shares, compared to its average volume of 693,879. The stock has a market cap of $17.04 billion, a PE ratio of 21.22, a P/E/G ratio of 2.41 and a beta of 0.84. Packaging Co. of America has a 1-year low of $169.00 and a 1-year high of $250.82. The business's 50 day simple moving average is $201.72 and its two-hundred day simple moving average is $220.45. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98.

Packaging Co. of America (NYSE:PKG - Get Free Report) last posted 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, equities analysts predict that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Friday, March 14th. Packaging Co. of America's payout ratio is presently 55.99%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a report on Monday, January 6th. Truist Financial reissued a "buy" rating and set a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Seaport Res Ptn upgraded shares of Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. Jefferies Financial Group upgraded Packaging Co. of America from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company decreased their price objective on Packaging Co. of America from $236.00 to $209.00 and set an "overweight" rating for the company in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $228.50.

About Packaging Co. of America

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.