California Public Employees Retirement System Cuts Stock Position in Packaging Co. of America (NYSE:PKG)

California Public Employees Retirement System trimmed its holdings in Packaging Co. of America (NYSE:PKG) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,445 shares of the industrial products company’s stock after selling 3,930 shares during the period. California Public Employees Retirement System owned about 0.17% of Packaging Co. of America worth $35,220,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Fortitude Family Office LLC boosted its stake in Packaging Co. of America by 150.8% in the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 98 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Packaging Co. of America in the fourth quarter worth $44,000. Golden State Wealth Management LLC bought a new position in shares of Packaging Co. of America during the fourth quarter worth $48,000. Rialto Wealth Management LLC purchased a new position in Packaging Co. of America during the fourth quarter valued at $63,000. Finally, Intact Investment Management Inc. bought a new stake in Packaging Co. of America in the 4th quarter valued at $68,000. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 0.8 %

NYSE PKG opened at $201.46 on Thursday. 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 capitalization of $18.09 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 2.41 and a beta of 0.77. 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 fifty day moving average of $208.05 and a two-hundred day moving average of $221.99.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, January 28th. The industrial products company reported $2.47 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. On average, analysts predict that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Friday, March 14th. Packaging Co. of America’s payout ratio is currently 55.99%.

Analysts Set New Price Targets

Several research firms have commented on PKG. Citigroup increased their price objective on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Wells Fargo & Company cut their price target on Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Saturday, March 29th. Truist Financial reissued a “buy” rating and issued a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a report on Thursday, January 30th. Finally, Jefferies Financial Group raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating and upped their price target for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $233.00.

Packaging Co. 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.