Allspring Global Investments Holdings LLC Purchases 15,536 Shares of Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC lifted its position in shares of Packaging Co. of America (NYSE:PKG) by 23.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,906 shares of the industrial products company’s stock after purchasing an additional 15,536 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Packaging Co. of America were worth $17,427,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PKG. Register Financial Advisors LLC bought a new stake in shares of Packaging Co. of America during the first quarter worth about $25,000. Asset Dedication LLC boosted its holdings in 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 acquiring an additional 112 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Packaging Co. of America in the third quarter valued at approximately $32,000. Tortoise Investment Management LLC bought a new stake in Packaging Co. of America in the second quarter valued at approximately $33,000. Finally, Headlands Technologies LLC bought a new stake in Packaging Co. of America in the first quarter valued at approximately $43,000. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Price Performance

Shares of PKG opened at $227.51 on Friday. Packaging Co. of America has a 52-week low of $147.25 and a 52-week high of $231.30. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The business’s 50 day moving average price is $211.45 and its two-hundred day moving average price is $193.93. The firm has a market cap of $20.43 billion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 4.24 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last issued 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 return on equity of 19.35% and a net margin of 9.46%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. The company’s revenue was up 14.9% compared to the same quarter last year. On average, equities analysts anticipate that Packaging Co. of America will post 8.77 EPS for the current year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday. Citigroup upped their target price on 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 upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Truist Financial reiterated a “buy” rating and issued a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $221.60.

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.