Norges Bank Takes $163.31 Million Position in Packaging Co. of America (NYSE:PKG)

Norges Bank acquired a new position in shares of Packaging Co. of America (NYSE:PKGFree Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,002,478 shares of the industrial products company’s stock, valued at approximately $163,314,000.

Other large investors have also bought and sold shares of the company. Louisiana State Employees Retirement System bought a new position in shares of Packaging Co. of America in the fourth quarter worth about $880,000. International Assets Investment Management LLC increased its holdings in Packaging Co. of America by 19,323.7% in the 4th quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock worth $4,936,000 after purchasing an additional 30,145 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new position in Packaging Co. of America in the fourth quarter valued at about $16,338,000. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Packaging Co. of America by 60.4% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,020 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 1,890 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Packaging Co. of America by 90.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,431 shares of the industrial products company’s stock worth $2,188,000 after purchasing an additional 6,368 shares during the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday. Bank of America upgraded Packaging Co. of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $172.00 to $202.00 in a report on Monday, March 4th. Citigroup cut their target price on Packaging Co. of America from $183.00 to $181.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. BNP Paribas cut Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price target for the company. in a research note on Friday, April 12th. Finally, Seaport Res Ptn lowered Packaging Co. of America from a “buy” rating to a “neutral” rating in a research note on Monday, January 29th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.57.

Check Out Our Latest Analysis on Packaging Co. of America

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, Director Karen E. Gowland acquired 300 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were acquired at an average price of $182.06 per share, with a total value of $54,618.00. Following the completion of the transaction, the director now owns 916 shares in the company, valued at $166,766.96. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Packaging Co. of America news, CFO Robert P. Mundy sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the sale, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at $8,478,319.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Karen E. Gowland bought 300 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were acquired at an average price of $182.06 per share, with a total value of $54,618.00. Following the transaction, the director now directly owns 916 shares of the company’s stock, valued at $166,766.96. The disclosure for this purchase can be found here. 1.60% of the stock is currently owned by company insiders.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $181.30 on Thursday. The company has a current ratio of 2.46, a quick ratio of 1.74 and a debt-to-equity ratio of 0.62. The stock has a market cap of $16.28 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 7.77 and a beta of 0.80. The stock’s fifty day simple moving average is $181.86 and its two-hundred day simple moving average is $171.80. Packaging Co. of America has a 1-year low of $122.20 and a 1-year high of $191.27.

Packaging Co. of America (NYSE:PKGGet Free Report) last announced its earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.63 by $0.09. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.80%. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the company posted $2.20 earnings per share. The firm’s revenue for the quarter was up .2% on a year-over-year basis. As a group, analysts forecast that Packaging Co. of America will post 8.27 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.76%. Packaging Co. of America’s payout ratio is presently 62.50%.

Packaging Co. of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Packaging Co. of America (NYSE:PKG)

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