Lowe Brockenbrough & Co. Inc. Sells 511 Shares of Packaging Co. of America (NYSE:PKG)

Lowe Brockenbrough & Co. Inc. lowered its position in shares of Packaging Co. of America (NYSE:PKG) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,502 shares of the industrial products company’s stock after selling 511 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in Packaging Co. of America were worth $2,709,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Asset Dedication LLC raised its holdings in Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Packaging Co. of America in the third quarter valued at approximately $32,000. Tortoise Investment Management LLC bought a new position in Packaging Co. of America in the second quarter valued at approximately $33,000. Headlands Technologies LLC acquired a new stake in Packaging Co. of America during the 1st quarter worth $43,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Packaging Co. of America during the 2nd quarter valued at $50,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Price Performance

NYSE PKG opened at $229.99 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The stock has a market cap of $20.66 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 3.24 and a beta of 0.77. The business has a 50 day simple moving average of $214.85 and a 200 day simple moving average of $195.67. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $232.98.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The firm’s revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 earnings per share. Analysts anticipate that Packaging Co. of America will post 9 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were issued a $1.25 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.17%. Packaging Co. of America’s dividend payout ratio (DPR) is 58.28%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wells Fargo & Company raised their price target on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup increased their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Truist Financial restated a “buy” rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Packaging Co. of America presently has a consensus rating of “Hold” and a consensus price target of $221.60.

About Packaging Co. of America

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.