US Bancorp DE Boosts Stake in Packaging Co. of America (NYSE:PKG)

US Bancorp DE boosted its stake in Packaging Co. of America (NYSE:PKG) by 0.4% in the 3rd quarter, Holdings Channel reports. The firm owned 45,432 shares of the industrial products company’s stock after purchasing an additional 193 shares during the period. US Bancorp DE’s holdings in Packaging Co. of America were worth $9,786,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Dedication LLC grew its stake in shares of Packaging Co. of America by 200.0% in the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after buying an additional 112 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Packaging Co. of America during the 3rd quarter valued at about $32,000. Tortoise Investment Management LLC acquired a new position in Packaging Co. of America in the 2nd quarter valued at about $33,000. Headlands Technologies LLC purchased a new stake in Packaging Co. of America during the first quarter worth about $43,000. Finally, Strategic Financial Concepts LLC acquired a new stake in shares of Packaging Co. of America during the second quarter worth about $50,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Price Performance

Shares of PKG opened at $229.99 on Friday. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The firm’s fifty day simple moving average is $214.85 and its 200-day simple moving average is $195.67. The firm has a market capitalization of $20.66 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 3.24 and a beta of 0.76. Packaging Co. of America has a twelve month low of $148.50 and a twelve month high of $232.98.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the prior year, the firm posted $2.05 EPS. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities analysts forecast that Packaging Co. of America will post 9 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a dividend of $1.25 per share. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a yield of 2.17%. Packaging Co. of America’s payout ratio is currently 58.28%.

Analyst Ratings Changes

PKG has been the subject of a number of research reports. Citigroup lifted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Wells Fargo & Company boosted their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Truist Financial reiterated a “buy” rating and issued a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Profile

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.