Packaging Corporation of America (NYSE:PKG) Position Cut by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund trimmed its holdings in Packaging Corporation of America (NYSE:PKG) by 6.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,635 shares of the industrial products company’s stock after selling 3,342 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.06% of Packaging Corporation of America worth $10,225,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PKG. Alpine Bank Wealth Management bought a new position in Packaging Corporation of America during the 1st quarter valued at $39,000. Lazard Asset Management LLC boosted its stake in Packaging Corporation of America by 1,033.3% during the 4th 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. Rialto Wealth Management LLC bought a new position in Packaging Corporation of America during the 4th quarter valued at $63,000. Ameriflex Group Inc. bought a new position in Packaging Corporation of America during the 4th quarter valued at $64,000. Finally, Intact Investment Management Inc. bought a new position in Packaging Corporation of America during the 4th quarter valued at $68,000. 89.78% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on PKG shares. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $180.00 price target (down from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. UBS Group started coverage on Packaging Corporation of America in a research note on Wednesday, June 4th. They set a “neutral” rating and a $200.00 price target for 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. Jefferies Financial Group downgraded 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 research report on Monday, June 16th. Finally, Truist Financial increased their price objective on Packaging Corporation of America from $237.00 to $239.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $211.80.

Packaging Corporation of America Price Performance

Shares of NYSE:PKG opened at $189.46 on Friday. Packaging Corporation of America has a one year low of $172.72 and a one year high of $250.82. The stock has a fifty day moving average of $189.22 and a 200-day moving average of $204.32. The company has a market capitalization of $17.05 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.48 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28.

Packaging Corporation of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.10. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. As a group, equities analysts anticipate that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Packaging Corporation of America Announces Dividend

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 of this dividend is Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.64%. Packaging Corporation of America’s payout ratio is currently 52.30%.

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.