Point72 Asset Management L.P. Increases Stock Holdings in Packaging Co. of America (NYSE:PKG)

Point72 Asset Management L.P. grew its stake in Packaging Co. of America (NYSE:PKG) by 642.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 271,806 shares of the industrial products company’s stock after buying an additional 235,211 shares during the quarter. Point72 Asset Management L.P.’s holdings in Packaging Co. of America were worth $61,192,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Centricity Wealth Management LLC purchased a new position in shares of Packaging Co. of America in the 4th quarter valued at about $44,000. Lazard Asset Management LLC boosted its stake in shares of Packaging Co. of America by 1,033.3% in the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock valued at $45,000 after buying an additional 186 shares during the period. Golden State Wealth Management LLC purchased a new position in shares of Packaging Co. of America in the 4th quarter valued at about $48,000. Rialto Wealth Management LLC purchased a new position in shares of Packaging Co. of America in the 4th quarter valued at about $63,000. Finally, Intact Investment Management Inc. purchased a new position in shares of Packaging Co. of America in the 4th quarter valued at about $68,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Down 0.6%

Packaging Co. of America stock opened at $190.74 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a 1-year low of $172.72 and a 1-year high of $250.82. The company has a market cap of $17.16 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85. The stock’s 50 day moving average price is $189.65 and its 200 day moving average price is $214.67.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.10. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. On average, sell-side analysts predict 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, July 15th. Shareholders of record on Friday, June 13th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.62%. The ex-dividend date is Friday, June 13th. Packaging Co. of America’s dividend payout ratio (DPR) is 52.30%.

Analyst Ratings Changes

PKG has been the subject of several recent analyst reports. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Wells Fargo & Company restated an “equal weight” rating and set a $180.00 target price (down previously from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Truist Financial decreased their target price on Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Packaging Co. of America has a consensus rating of “Moderate Buy” and an average price target of $226.60.

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.