Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Packaging Co. of America (NYSE:PKG – Get Rating) by 5.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,421 shares of the industrial products company’s stock after buying an additional 1,604 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Packaging Co. of America were worth $3,528,000 as of its most recent SEC filing.
→ Top Innovation Stock (From PressReach)
Other institutional investors have also recently made changes to their positions in the company. Cambridge Trust Co. grew its position in shares of Packaging Co. of America by 226.6% in the 2nd quarter. Cambridge Trust Co. now owns 516 shares of the industrial products company’s stock valued at $71,000 after buying an additional 358 shares during the last quarter. Baird Financial Group Inc. grew its position in shares of Packaging Co. of America by 3.4% in the 2nd quarter. Baird Financial Group Inc. now owns 15,622 shares of the industrial products company’s stock valued at $2,148,000 after buying an additional 518 shares during the last quarter. Moors & Cabot Inc. grew its position in shares of Packaging Co. of America by 12.0% in the 2nd quarter. Moors & Cabot Inc. now owns 2,664 shares of the industrial products company’s stock valued at $366,000 after buying an additional 285 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Packaging Co. of America by 4.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 169,585 shares of the industrial products company’s stock valued at $23,318,000 after buying an additional 6,446 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Packaging Co. of America by 13.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,713,547 shares of the industrial products company’s stock valued at $510,612,000 after buying an additional 450,466 shares during the last quarter. Institutional investors own 90.39% of the company’s stock.
Packaging Co. of America Stock Down 0.1 %
PKG stock opened at $139.92 on Monday. The stock’s 50 day simple moving average is $134.06 and its 200 day simple moving average is $130.49. Packaging Co. of America has a fifty-two week low of $110.56 and a fifty-two week high of $168.50. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.99 and a current ratio of 3.02. The company has a market cap of $12.95 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 3.07 and a beta of 0.88.
Packaging Co. of America (NYSE:PKG – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The industrial products company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.24 by $0.11. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2.05 billion. Packaging Co. of America had a return on equity of 26.58% and a net margin of 12.12%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.76 EPS. On average, research analysts expect that Packaging Co. of America will post 9.11 earnings per share for the current fiscal year.
Packaging Co. of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Monday, December 19th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Friday, December 16th. Packaging Co. of America’s dividend payout ratio is currently 45.41%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on PKG. Citigroup boosted their price objective on Packaging Co. of America from $123.00 to $130.00 in a research note on Wednesday, January 4th. BMO Capital Markets dropped their price objective on Packaging Co. of America from $155.00 to $130.00 in a research note on Wednesday, October 26th. Wells Fargo & Company boosted their price objective on Packaging Co. of America from $124.00 to $125.00 and gave the company an “equal weight” rating in a research note on Monday, January 9th. Truist Financial boosted their price objective on Packaging Co. of America from $138.00 to $144.00 and gave the company a “buy” rating in a research note on Friday, January 27th. Finally, Bank of America downgraded Packaging Co. of America from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $146.00 to $139.00 in a research note on Thursday, December 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $134.33.
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.
Featured Articles
Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Co. of America (NYSE:PKG – Get Rating).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Packaging Co. of America, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Packaging Co. of America wasn’t on the list.
While Packaging Co. of America currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
Source: marketbeat.com
