Wedge Capital Management L L P NC Buys 2,844 Shares of Packaging Co. of America (NYSE:PKG)

Wedge Capital Management L L P NC grew its stake in Packaging Co. of America (NYSE:PKG) by 9.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,970 shares of the industrial products company’s stock after acquiring an additional 2,844 shares during the period. Wedge Capital Management L L P NC’s holdings in Packaging Co. of America were worth $6,331,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PKG. Centricity Wealth Management LLC bought a new position in Packaging Co. of America in the 4th quarter worth about $44,000. Lazard Asset Management LLC boosted its stake in shares of Packaging Co. of America by 1,033.3% during the fourth quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 186 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Packaging Co. of America during the fourth quarter valued at approximately $48,000. Rialto Wealth Management LLC bought a new position in shares of Packaging Co. of America during the fourth quarter valued at approximately $63,000. Finally, Ameriflex Group Inc. bought a new position in shares of Packaging Co. of America during the fourth quarter valued at approximately $64,000. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Trading Up 0.9%

NYSE PKG opened at $196.47 on Monday. The company has a fifty day simple moving average of $188.27 and a two-hundred day simple moving average of $209.52. The stock has a market cap of $17.68 billion, a P/E ratio of 22.00, a P/E/G ratio of 2.41 and a beta of 0.84. Packaging Co. of America has a 12-month low of $172.72 and a 12-month high of $250.82. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58.

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

Packaging Co. of America Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, June 13th. This represents a $5.00 annualized dividend and a dividend yield of 2.54%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 52.30%.

Analysts Set New Price Targets

PKG has been the topic of a number of recent research reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $180.00 price objective (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Truist Financial lowered their target price on shares of Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. UBS Group initiated coverage on shares of Packaging Co. of America in a research note on Wednesday, June 4th. They issued a “neutral” rating and a $200.00 target price for the company. Seaport Res Ptn upgraded shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Finally, Wall Street Zen downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Four investment 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 stock. Based on data from MarketBeat.com, Packaging Co. of America currently has an average rating of “Moderate Buy” and a consensus price target of $222.17.

Packaging Co. of America 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.