CWA Asset Management Group LLC Takes Position in Packaging Co. of America (NYSE:PKG)

CWA Asset Management Group LLC acquired a new position in Packaging Co. of America (NYSE:PKG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,389 shares of the industrial products company’s stock, valued at approximately $515,000.

A number of other hedge funds also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in Packaging Co. of America during the third quarter valued at approximately $116,000. AIA Group Ltd raised its holdings in Packaging Co. of America by 4.2% in the 3rd quarter. AIA Group Ltd now owns 7,500 shares of the industrial products company’s stock worth $1,616,000 after purchasing an additional 300 shares during the period. Beacon Harbor Wealth Advisors Inc. purchased a new position in Packaging Co. of America during the third quarter valued at $6,110,000. Deseret Mutual Benefit Administrators grew its holdings in Packaging Co. of America by 15.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 49 shares during the period. Finally, Principal Financial Group Inc. increased its position in Packaging Co. of America by 8.4% in the third quarter. Principal Financial Group Inc. now owns 460,518 shares of the industrial products company’s stock worth $99,194,000 after buying an additional 35,614 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 0.4 %

Shares of PKG stock opened at $241.49 on Tuesday. The company’s fifty day simple moving average is $218.57 and its two-hundred day simple moving average is $198.53. Packaging Co. of America has a 52 week low of $148.50 and a 52 week high of $245.00. The stock has a market cap of $21.69 billion, a P/E ratio of 28.15, a PEG ratio of 3.40 and a beta of 0.76. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the company earned $2.05 earnings per share. The firm’s revenue was up 14.9% on a year-over-year basis. Analysts predict that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.07%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is presently 58.28%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PKG shares. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Citigroup increased 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 research note on Wednesday, October 2nd. Truist Financial restated a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, Wells Fargo & Company raised their price target on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $221.60.

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.