PNC Financial Services Group Inc. Has $12.56 Million Stake in Packaging Co. of America (NYSE:PKG)

PNC Financial Services Group Inc. lowered its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 7.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,794 shares of the industrial products company's stock after selling 4,460 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of Packaging Co. of America worth $12,561,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Machina Capital S.A.S. acquired a new stake in shares of Packaging Co. of America during the 4th quarter valued at about $2,406,000. Edgestream Partners L.P. lifted its stake in Packaging Co. of America by 42.3% during the fourth quarter. Edgestream Partners L.P. now owns 35,016 shares of the industrial products company's stock worth $7,883,000 after purchasing an additional 10,408 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in Packaging Co. of America during the fourth quarter valued at approximately $293,000. Beacon Harbor Wealth Advisors Inc. grew its stake in shares of Packaging Co. of America by 2.9% in the 4th quarter. Beacon Harbor Wealth Advisors Inc. now owns 29,197 shares of the industrial products company's stock valued at $6,573,000 after purchasing an additional 829 shares during the period. Finally, Inceptionr LLC raised its holdings in shares of Packaging Co. of America by 193.9% in the 4th quarter. Inceptionr LLC now owns 10,583 shares of the industrial products company's stock worth $2,383,000 after buying an additional 6,982 shares in the last quarter. Institutional investors own 89.78% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Jefferies Financial Group raised Packaging Co. of America from a "hold" rating to a "buy" rating and boosted their price target for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. StockNews.com raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Wednesday, February 26th. Wells Fargo & Company cut their price target on shares of Packaging Co. of America from $253.00 to $236.00 and set an "overweight" rating for the company in a report on Thursday, January 30th. Truist Financial reaffirmed a "buy" rating and set a $265.00 price objective (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Finally, 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. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Packaging Co. of America currently has an average rating of "Moderate Buy" and a consensus price target of $233.00.

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Packaging Co. of America Stock Down 0.9 %

Shares of NYSE:PKG opened at $197.47 on Wednesday. Packaging Co. of America has a 12 month low of $169.00 and a 12 month high of $250.82. The firm has a market cap of $17.73 billion, a P/E ratio of 22.11, a P/E/G ratio of 2.41 and a beta of 0.77. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The company's 50-day moving average price is $218.85 and its two-hundred day moving average price is $223.03.

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

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.53%. Packaging Co. of America's payout ratio is currently 55.99%.

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.

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