Morse Asset Management Inc Buys 478 Shares of Packaging Co. of America (NYSE:PKG)

Morse Asset Management Inc boosted its stake in shares of Packaging Co. of America (NYSE:PKG) by 478.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 578 shares of the industrial products company’s stock after acquiring an additional 478 shares during the period. Morse Asset Management Inc’s holdings in Packaging Co. of America were worth $130,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PKG. Norges Bank bought a new position in Packaging Co. of America during the 4th quarter worth $258,928,000. Balyasny Asset Management L.P. increased its stake in Packaging Co. of America by 106.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company’s stock worth $190,999,000 after acquiring an additional 438,012 shares during the period. Raymond James Financial Inc. bought a new position in Packaging Co. of America during the 4th quarter worth $50,175,000. Caisse DE Depot ET Placement DU Quebec increased its stake in Packaging Co. of America by 415.1% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 261,458 shares of the industrial products company’s stock worth $58,862,000 after acquiring an additional 210,700 shares during the period. Finally, Cartenna Capital LP increased its stake in shares of Packaging Co. of America by 159.0% in the 4th quarter. Cartenna Capital LP now owns 246,007 shares of the industrial products company’s stock valued at $55,384,000 after purchasing an additional 151,007 shares during the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Trading Down 0.9%

NYSE PKG opened at $188.77 on Wednesday. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a twelve month low of $172.72 and a twelve month high of $250.82. The company has a market cap of $16.99 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85. The business’s fifty day moving average is $190.12 and its 200 day moving average is $215.08.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.10. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. As a group, sell-side analysts expect that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Co. of America’s dividend payout ratio (DPR) is 52.30%.

Analysts Set New Price Targets

PKG has been the topic of several recent analyst reports. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Truist Financial decreased their price target on Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Wells Fargo & Company reiterated an “equal weight” rating and issued a $180.00 price target (down previously from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Finally, Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Packaging Co. of America has an average rating of “Moderate Buy” and an average price target of $226.60.

Packaging Co. of America Company Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.