Nikko Asset Management Americas Inc. Lowers Stock Holdings in Packaging Co. of America (NYSE:PKG)

Nikko Asset Management Americas Inc. cut its holdings in Packaging Co. of America (NYSE:PKG) by 7.2% in the first quarter, Holdings Channel reports. The institutional investor owned 14,613 shares of the industrial products company’s stock after selling 1,134 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Packaging Co. of America were worth $2,773,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Louisiana State Employees Retirement System acquired a new position in Packaging Co. of America during the fourth quarter worth $880,000. International Assets Investment Management LLC raised its position in shares of Packaging Co. of America by 19,323.7% during the 4th quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock worth $4,936,000 after purchasing an additional 30,145 shares during the last quarter. Cim LLC purchased a new position in Packaging Co. of America in the 4th quarter valued at about $2,003,000. AXS Investments LLC acquired a new stake in Packaging Co. of America in the 4th quarter worth about $766,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Packaging Co. of America in the 4th quarter worth about $16,338,000. 89.78% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Packaging Co. of America

In other Packaging Co. of America news, Director Karen E. Gowland acquired 300 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average cost of $182.06 per share, with a total value of $54,618.00. Following the transaction, the director now owns 916 shares of the company’s stock, valued at $166,766.96. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Bank of America increased their target price on Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 17th. BNP Paribas lowered Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective on the stock. in a report on Friday, April 12th. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, May 21st. Truist Financial increased their target price on shares of Packaging Co. of America from $191.00 to $208.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Citigroup boosted their price target on shares of Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.67.

Packaging Co. of America Trading Down 1.8 %

Shares of PKG traded down $3.23 during mid-day trading on Tuesday, reaching $176.32. The stock had a trading volume of 494,836 shares, compared to its average volume of 630,770. Packaging Co. of America has a 52-week low of $130.91 and a 52-week high of $191.39. The firm has a market cap of $15.83 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 4.80 and a beta of 0.77. The business’s fifty day moving average is $181.76 and its 200 day moving average is $177.21. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.46 and a quick ratio of 1.74.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.09. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.80%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.20 EPS. On average, sell-side analysts predict that Packaging Co. of America will post 8.33 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.00 dividend on an annualized basis and a yield of 2.84%. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

Packaging Co. of America Profile

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.