Resona Asset Management Co. Ltd. Makes New Investment in Packaging Co. of America (NYSE:PKG)

Resona Asset Management Co. Ltd. acquired a new stake in Packaging Co. of America (NYSE:PKG) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 26,019 shares of the industrial products company’s stock, valued at approximately $5,865,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new stake in Packaging Co. of America during the 3rd quarter valued at $312,000. IHT Wealth Management LLC acquired a new stake in shares of Packaging Co. of America during the 3rd quarter worth about $268,000. Wellington Management Group LLP boosted its holdings in shares of Packaging Co. of America by 30.0% during the 3rd quarter. Wellington Management Group LLP now owns 12,070 shares of the industrial products company’s stock worth $2,600,000 after buying an additional 2,786 shares during the period. National Bank of Canada FI grew its stake in Packaging Co. of America by 205.8% in the 3rd quarter. National Bank of Canada FI now owns 81,370 shares of the industrial products company’s stock valued at $17,527,000 after buying an additional 54,765 shares during the last quarter. Finally, MML Investors Services LLC raised its holdings in Packaging Co. of America by 16.8% in the 3rd quarter. MML Investors Services LLC now owns 17,086 shares of the industrial products company’s stock valued at $3,680,000 after acquiring an additional 2,461 shares during the period. 89.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PKG has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded Packaging Co. of America from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $215.00 to $280.00 in a report on Wednesday, December 18th. Citigroup boosted their price target on Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 13th. Truist Financial reissued a “buy” rating and set a $265.00 target price (down previously from $282.00) on shares of Packaging Co. of America in a report on Thursday, January 30th. Finally, Wells Fargo & Company decreased their price target on shares of Packaging Co. of America from $236.00 to $209.00 and set an “overweight” rating on the stock in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $228.50.

Packaging Co. of America Stock Performance

PKG opened at $175.63 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a 52-week low of $169.00 and a 52-week high of $250.82. The firm has a market cap of $15.79 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84. The business’s fifty day moving average is $202.67 and its 200-day moving average is $220.84.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. Sell-side analysts expect that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $5.00 annualized dividend and a yield of 2.85%. Packaging Co. of America’s dividend payout ratio is currently 55.99%.

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.