Packaging Co. of America (NYSE:PKG) Sets New 52-Week High After Dividend Announcement

Packaging Co. of America (NYSE:PKG) shares reached a new 52-week high on Wednesday after the company announced a dividend. The company traded as high as $206.84 and last traded at $206.19, with a volume of 84068 shares changing hands. The stock had previously closed at $204.91.

The newly announced dividend which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be issued a dividend of $1.25 per share. The ex-dividend date is Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.44%. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Bank of America boosted their target price on Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Company lifted their target price on shares of Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Citigroup boosted their target price on shares of Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. Finally, Truist Financial raised their price target on shares of Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Packaging Co. of America presently has a consensus rating of “Hold” and an average price target of $190.50.

Packaging Co. of America Stock Up 0.1 %

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 business’s 50-day simple moving average is $191.48 and its 200-day simple moving average is $184.56. The company has a market capitalization of $18.42 billion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 5.08 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.06. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.31 earnings per share. As a group, equities research analysts anticipate that Packaging Co. of America will post 8.71 EPS for the current fiscal year.

Insider Transactions at Packaging Co. of America

In related news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the transaction, the senior vice president now directly owns 20,772 shares in the company, valued at $4,077,128.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the completion of the transaction, the senior vice president now owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the completion of the transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Packaging Co. of America

Large investors have recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co lifted its position in shares of Packaging Co. of America by 4.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock valued at $13,419,000 after acquiring an additional 3,078 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Packaging Co. of America by 30.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock valued at $17,168,000 after purchasing an additional 21,143 shares in the last quarter. Cim LLC acquired a new stake in Packaging Co. of America during the 4th quarter worth $2,003,000. Summit Financial Strategies Inc. grew its holdings in shares of Packaging Co. of America by 5.5% during the second quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after buying an additional 12,129 shares in the last quarter. Finally, AXS Investments LLC purchased a new position in shares of Packaging Co. of America in the fourth quarter worth about $766,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

About Packaging Co. of America

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.