Mackenzie Financial Corp Has $2.35 Million Stock Position in Packaging Co. of America (NYSE:PKG)

Mackenzie Financial Corp reduced its position in Packaging Co. of America (NYSE:PKG) by 44.2% in the 4th quarter, HoldingsChannel reports. The firm owned 10,423 shares of the industrial products company’s stock after selling 8,262 shares during the period. Mackenzie Financial Corp’s holdings in Packaging Co. of America were worth $2,347,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Centricity Wealth Management LLC bought a new position in Packaging Co. of America in the 4th quarter valued at about $44,000. Lazard Asset Management LLC raised its holdings in Packaging Co. of America by 1,033.3% in the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 186 shares during the period. Golden State Wealth Management LLC bought a new position in Packaging Co. of America in the 4th quarter valued at about $48,000. Rialto Wealth Management LLC bought a new position in Packaging Co. of America in the 4th quarter valued at about $63,000. Finally, Intact Investment Management Inc. bought a new position in Packaging Co. of America in the 4th quarter valued at about $68,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Stock Performance

PKG stock opened at $193.02 on Friday. Packaging Co. of America has a 12-month low of $172.72 and a 12-month high of $250.82. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average of $188.67 and a 200-day moving average of $211.49. The firm has a market cap of $17.37 billion, a PE ratio of 21.61, a P/E/G ratio of 2.41 and a beta of 0.85.

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

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.59%. Packaging Co. of America’s dividend payout ratio is presently 52.30%.

Wall Street Analysts Forecast Growth

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

About Packaging Co. of America

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.