Nuveen Asset Management LLC Sells 921,997 Shares of Packaging Co. of America (NYSE:PKG)

Nuveen Asset Management LLC decreased its position in shares of Packaging Co. of America (NYSE:PKG) by 75.3% during the 4th quarter, Holdings Channel reports. The fund owned 302,767 shares of the industrial products company’s stock after selling 921,997 shares during the quarter. Nuveen Asset Management LLC’s holdings in Packaging Co. of America were worth $68,162,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PKG. Norges Bank bought a new position in Packaging Co. of America during the 4th quarter worth approximately $258,928,000. Balyasny Asset Management L.P. boosted its stake in Packaging Co. of America by 106.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company’s stock worth $190,999,000 after acquiring an additional 438,012 shares during the last quarter. Raymond James Financial Inc. bought a new position in Packaging Co. of America during the 4th quarter worth approximately $50,175,000. Caisse DE Depot ET Placement DU Quebec boosted its stake in Packaging Co. of America by 415.1% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 261,458 shares of the industrial products company’s stock worth $58,862,000 after acquiring an additional 210,700 shares during the last quarter. Finally, Cartenna Capital LP boosted its stake in Packaging Co. of America by 159.0% during the 4th quarter. Cartenna Capital LP now owns 246,007 shares of the industrial products company’s stock worth $55,384,000 after acquiring an additional 151,007 shares during the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 1.9%

Packaging Co. of America stock opened at $194.33 on Friday. The stock has a market capitalization of $17.49 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 2.41 and a beta of 0.85. Packaging Co. of America has a twelve month low of $172.72 and a twelve 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 company has a 50 day moving average of $189.59 and a 200-day moving average of $214.35.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data 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 company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. On average, equities research analysts anticipate that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed 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 2.57%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 52.30%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PKG shares. Wells Fargo & Company reissued an “equal weight” rating and set a $180.00 price objective (down previously from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Seaport Res Ptn upgraded shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Truist Financial reduced their price target on shares of Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Sunday, April 6th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.