Pallas Capital Advisors LLC Takes Position in Packaging Co. of America (NYSE:PKG)

Pallas Capital Advisors LLC purchased a new position in Packaging Co. of America (NYSE:PKG) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,563 shares of the industrial products company’s stock, valued at approximately $356,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PKG. CANADA LIFE ASSURANCE Co raised its position in shares of Packaging Co. of America by 4.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock valued at $13,419,000 after purchasing an additional 3,078 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Packaging Co. of America by 30.4% during 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 acquiring an additional 21,143 shares during the last quarter. Summit Financial Strategies Inc. grew its holdings in Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after acquiring an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Packaging Co. of America by 6.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock worth $41,839,000 after purchasing an additional 14,277 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Packaging Co. of America by 10.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock worth $20,678,000 after purchasing an additional 10,516 shares during the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Wall Street Analysts Forecast Growth

PKG has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on 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 target price (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Citigroup lifted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Trading Up 0.0 %

NYSE:PKG opened at $228.88 on Friday. The firm has a market capitalization of $20.56 billion, a P/E ratio of 28.61, a P/E/G ratio of 3.20 and a beta of 0.77. The business has a 50 day simple moving average of $213.79 and a 200 day simple moving average of $195.09. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. Packaging Co. of America has a 12-month low of $148.50 and a 12-month high of $232.98.

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

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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 dividend yield of 2.18%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 62.50%.

Packaging Co. of America Company 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.