Packaging Corporation of America (NYSE:PKG) Shares Sold by Chicago Capital LLC

Chicago Capital LLC lowered its position in Packaging Corporation of America (NYSE:PKG) by 4.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 4,530 shares of the industrial products company’s stock after selling 210 shares during the period. Chicago Capital LLC’s holdings in Packaging Corporation of America were worth $897,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Packaging Corporation of America during the 4th quarter valued at about $258,928,000. GAMMA Investing LLC grew its position in shares of Packaging Corporation of America by 25,461.0% in the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company’s stock valued at $123,047,000 after purchasing an additional 618,956 shares during the last quarter. Balyasny Asset Management L.P. grew its position in shares of Packaging Corporation of America by 106.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company’s stock valued at $190,999,000 after purchasing an additional 438,012 shares during the last quarter. Select Equity Group L.P. purchased a new position in shares of Packaging Corporation of America during the 4th quarter worth approximately $72,339,000. Finally, Point72 Asset Management L.P. raised its position in shares of Packaging Corporation of America by 642.7% during the 4th quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company’s stock worth $61,192,000 after purchasing an additional 235,211 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Corporation of America Stock Down 1.6%

Shares of PKG opened at $186.35 on Wednesday. The firm has a market cap of $16.77 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The company’s fifty day moving average is $189.25 and its two-hundred day moving average is $207.09. Packaging Corporation of America has a fifty-two week low of $172.72 and a fifty-two week high of $250.82.

Packaging Corporation 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, beating analysts’ consensus estimates of $2.21 by $0.10. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. Analysts forecast that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Packaging Corporation of America Announces Dividend

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 given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Friday, June 13th. Packaging Corporation of America’s dividend payout ratio (DPR) is presently 52.30%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PKG. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $180.00 target price (down previously from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. Wall Street Zen cut Packaging Corporation of America from a “buy” rating to a “hold” rating in a research report on Sunday, April 6th. Jefferies Financial Group cut shares of Packaging Corporation of America from a “buy” rating to a “hold” rating and decreased their price target for the stock from $245.00 to $205.00 in a research note on Monday. Truist Financial lifted their price target on shares of Packaging Corporation of America from $237.00 to $239.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, UBS Group started coverage on shares of Packaging Corporation of America in a research note on Wednesday, June 4th. They set a “neutral” rating and a $200.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $211.80.

About Packaging Corporation 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.