Principal Financial Group Inc. Boosts Stock Holdings in Packaging Co. of America (NYSE:PKG)

Principal Financial Group Inc. raised its stake in Packaging Co. of America (NYSE:PKG - Free Report) by 8.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 460,518 shares of the industrial products company's stock after purchasing an additional 35,614 shares during the period. Principal Financial Group Inc. owned about 0.51% of Packaging Co. of America worth $99,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PKG. Central Pacific Bank Trust Division acquired a new stake in Packaging Co. of America in the third quarter valued at approximately $32,000. Asset Dedication LLC lifted its position 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 purchasing an additional 112 shares during the last quarter. Tortoise Investment Management LLC acquired a new position in shares of Packaging Co. of America during the second quarter worth $33,000. Headlands Technologies LLC acquired a new position in shares of Packaging Co. of America during the first quarter worth $43,000. Finally, Allworth Financial LP grew its stake in shares of Packaging Co. of America by 65.1% during the third quarter. Allworth Financial LP now owns 312 shares of the industrial products company's stock worth $67,000 after purchasing an additional 123 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PKG. Truist Financial reiterated a "buy" rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Wells Fargo & Company boosted their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. StockNews.com downgraded shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, November 1st. Finally, Citigroup boosted their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $221.60.

Packaging Co. of America Stock Performance

NYSE PKG traded up $1.11 during trading hours on Friday, hitting $240.59. The company had a trading volume of 644,382 shares, compared to its average volume of 600,896. 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 1-year low of $148.50 and a 1-year high of $245.00. The company has a market cap of $21.61 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 3.42 and a beta of 0.76. The business has a 50 day moving average of $217.93 and a 200-day moving average of $197.67.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its earnings results 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. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. The business's quarterly revenue was up 14.9% compared to the same quarter last year. As a group, equities research analysts expect that Packaging Co. of America will post 9 EPS 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. Stockholders of record on Tuesday, October 15th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.08%. Packaging Co. of America's dividend payout ratio (DPR) is 58.28%.

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.