Raymond James Financial Inc. Invests $50.18 Million in Packaging Co. of America (NYSE:PKG)

Raymond James Financial Inc. purchased a new position in shares of Packaging Co. of America (NYSE:PKG - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 222,870 shares of the industrial products company's stock, valued at approximately $50,175,000. Raymond James Financial Inc. owned approximately 0.25% of Packaging Co. of America at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PKG. Larson Financial Group LLC grew its holdings in shares of Packaging Co. of America by 234.7% during the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company's stock worth $35,000 after buying an additional 115 shares in the last quarter. Fortitude Family Office LLC grew its holdings in shares of Packaging Co. of America by 150.8% during the fourth quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company's stock worth $37,000 after buying an additional 98 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Packaging Co. of America during the fourth quarter worth about $44,000. Golden State Wealth Management LLC purchased a new stake in shares of Packaging Co. of America during the fourth quarter worth about $48,000. Finally, Assetmark Inc. grew its holdings in shares of Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company's stock worth $58,000 after buying an additional 83 shares in the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating and raised their target price for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. 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. Truist Financial reissued a "buy" rating and issued a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a research report on Thursday, January 30th. Citigroup raised their target price on shares of Packaging Co. of America from $232.00 to $235.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Finally, 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 on the stock in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $233.00.

Remove Ads

Packaging Co. of America Trading Down 0.9 %

Shares of PKG stock opened at $197.47 on Wednesday. The stock has a market cap of $17.73 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth 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. Packaging Co. of America has a fifty-two week low of $169.00 and a fifty-two week high of $250.82. The firm'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 announced its quarterly earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates 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%. On average, analysts anticipate that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Announces Dividend

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.

Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Co. of America (NYSE:PKG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.