State of Tennessee Department of Treasury Decreases Holdings in Packaging Co. of America (NYSE:PKG)

State of Tennessee Department of Treasury decreased its holdings in Packaging Co. of America (NYSE:PKG - Free Report) by 11.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,017 shares of the industrial products company's stock after selling 6,531 shares during the period. State of Tennessee Department of Treasury owned approximately 0.05% of Packaging Co. of America worth $11,035,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its position in Packaging Co. of America by 80.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,310 shares of the industrial products company's stock valued at $2,321,000 after buying an additional 4,581 shares during the period. MML Investors Services LLC boosted its holdings in Packaging Co. of America by 30.0% during the 4th quarter. MML Investors Services LLC now owns 22,209 shares of the industrial products company's stock valued at $5,000,000 after acquiring an additional 5,123 shares during the period. MetLife Investment Management LLC grew its position in Packaging Co. of America by 1.8% during the 4th quarter. MetLife Investment Management LLC now owns 23,590 shares of the industrial products company's stock worth $5,311,000 after acquiring an additional 416 shares during the last quarter. Natixis increased its stake in Packaging Co. of America by 32.1% in the 4th quarter. Natixis now owns 56,267 shares of the industrial products company's stock worth $12,667,000 after purchasing an additional 13,677 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Packaging Co. of America in the fourth quarter valued at approximately $1,227,000. Institutional investors own 89.78% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on PKG shares. Truist Financial decreased their target price on shares of Packaging Co. of America from $265.00 to $238.00 and set a "buy" rating on the stock in a research note on Tuesday. Citigroup upped their price objective on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a research note on Monday, January 6th. Seaport Res Ptn raised Packaging Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 13th. Wells Fargo & Company lowered their price target on Packaging Co. of America from $236.00 to $209.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, StockNews.com cut Packaging Co. of America from a "buy" rating to a "hold" rating in a report on Sunday, April 6th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $232.40.

Packaging Co. of America Stock Performance

Packaging Co. of America stock opened at $184.55 on Thursday. Packaging Co. of America has a fifty-two week low of $169.79 and a fifty-two week high of $250.82. The stock has a market cap of $16.60 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 2.41 and a beta of 0.84. The stock's 50 day simple moving average is $197.04 and its two-hundred day simple moving average is $218.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95.

Packaging Co. of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.10. The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.12 billion. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. As a group, analysts expect that Packaging Co. of America will post 10.44 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Friday, March 14th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.71%. The ex-dividend date was Friday, March 14th. 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.