Balefire LLC Reduces Stake in Packaging Corporation of America (NYSE:PKG)

Balefire LLC decreased its holdings in shares of Packaging Corporation of America (NYSE:PKG) by 9.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,850 shares of the industrial products company’s stock after selling 196 shares during the period. Balefire LLC’s holdings in Packaging Corporation of America were worth $366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jackson Creek Investment Advisors LLC purchased a new stake in Packaging Corporation of America in the 4th quarter worth approximately $293,000. AlphaQuest LLC boosted its position in shares of Packaging Corporation of America by 25.3% in the fourth quarter. AlphaQuest LLC now owns 9,683 shares of the industrial products company’s stock worth $2,180,000 after purchasing an additional 1,954 shares during the period. Distillate Capital Partners LLC purchased a new stake in shares of Packaging Corporation of America in the fourth quarter worth $15,828,000. Sciencast Management LP bought a new stake in shares of Packaging Corporation of America during the 4th quarter valued at $2,853,000. Finally, Korea Investment CORP raised its position in shares of Packaging Corporation of America by 96.0% during the 4th quarter. Korea Investment CORP now owns 71,004 shares of the industrial products company’s stock valued at $15,985,000 after purchasing an additional 34,784 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Corporation of America Price Performance

Shares of Packaging Corporation of America stock opened at $187.09 on Thursday. The firm has a market cap of $16.83 billion, a PE ratio of 19.57, a PEG ratio of 2.50 and a beta of 0.84. The stock has a 50 day moving average of $189.15 and a 200 day moving average of $205.01. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55. Packaging Corporation of America has a 12 month low of $172.72 and a 12 month high of $250.82.

Packaging Corporation of America (NYSE:PKG) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.10. Packaging Corporation of America had a net margin of 10.09% and a return on equity of 20.08%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. On average, research analysts expect that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a $1.25 dividend. The ex-dividend date is Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.67%. Packaging Corporation of America’s dividend payout ratio (DPR) is presently 52.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wall Street Zen lowered Packaging Corporation of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $180.00 price objective (down previously from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. UBS Group initiated coverage on Packaging Corporation of America in a research note on Wednesday, June 4th. They set a “neutral” rating and a $200.00 target price on the stock. Truist Financial boosted their price target on Packaging Corporation of America from $237.00 to $239.00 and gave the stock a “buy” rating in a report on Tuesday, June 17th. Finally, Jefferies Financial Group lowered shares of Packaging Corporation of America from a “buy” rating to a “hold” rating and cut their price objective for the company from $245.00 to $205.00 in a report on Monday, June 16th. Five 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $211.80.

Packaging Corporation 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.