New York State Teachers Retirement System Decreases Holdings in Packaging Co. of America (NYSE:PKG)

Posted by Defense World Staff on Apr 14th, 2023

New York State Teachers Retirement System trimmed its holdings in shares of Packaging Co. of America (NYSE:PKG – Get Rating) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,145 shares of the industrial products company’s stock after selling 3,523 shares during the quarter. New York State Teachers Retirement System owned 0.10% of Packaging Co. of America worth $11,914,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PKG. Vanguard Group Inc. grew its holdings in Packaging Co. of America by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 12,047,771 shares of the industrial products company’s stock valued at $1,880,777,000 after purchasing an additional 161,559 shares during the last quarter. BlackRock Inc. grew its holdings in Packaging Co. of America by 1.3% during the 3rd quarter. BlackRock Inc. now owns 8,703,936 shares of the industrial products company’s stock valued at $977,364,000 after purchasing an additional 115,784 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Packaging Co. of America by 2.3% during the 3rd quarter. Victory Capital Management Inc. now owns 3,135,725 shares of the industrial products company’s stock valued at $352,110,000 after purchasing an additional 70,908 shares during the last quarter. Maj Invest Holding A S grew its stake in Packaging Co. of America by 1.0% in the 3rd quarter. Maj Invest Holding A S now owns 2,207,276 shares of the industrial products company’s stock worth $344,578,000 after acquiring an additional 21,180 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Packaging Co. of America by 30.1% in the 1st quarter. Invesco Ltd. now owns 1,201,621 shares of the industrial products company’s stock worth $187,586,000 after acquiring an additional 278,124 shares in the last quarter. 90.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PKG has been the topic of a number of research analyst reports. Truist Financial upped their target price on shares of Packaging Co. of America from $138.00 to $144.00 and gave the stock a “buy” rating in a research note on Friday, January 27th. Citigroup upped their price target on shares of Packaging Co. of America from $123.00 to $130.00 in a research report on Wednesday, January 4th. StockNews.com initiated coverage on shares of Packaging Co. of America in a research report on Thursday, March 16th. They set a “hold” rating for the company. Bank of America cut shares of Packaging Co. of America from a “buy” rating to a “neutral” rating and decreased their target price for the company from $146.00 to $139.00 in a research report on Thursday, December 15th. Finally, Wells Fargo & Company lifted their price objective on shares of Packaging Co. of America from $124.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Monday, January 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $131.88.

Packaging Co. of America Stock Up 0.2 %

PKG stock opened at $142.41 on Friday. The stock has a market capitalization of $12.80 billion, a P/E ratio of 12.93, a P/E/G ratio of 3.07 and a beta of 0.87. The firm has a 50-day simple moving average of $137.66 and a 200-day simple moving average of $130.75. The company has a quick ratio of 1.75, a current ratio of 2.87 and a debt-to-equity ratio of 0.68. Packaging Co. of America has a 52 week low of $110.56 and a 52 week high of $168.50.

Packaging Co. of America (NYSE:PKG – Get Rating) last released its earnings results on Thursday, January 26th. The industrial products company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.11. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Packaging Co. of America had a net margin of 12.12% and a return on equity of 27.00%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.76 earnings per share. Equities analysts forecast that Packaging Co. of America will post 9.18 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Wednesday, March 15th will be given a dividend of $1.25 per share. The ex-dividend date is Tuesday, March 14th. This represents a $5.00 dividend on an annualized basis and a yield of 3.51%. Packaging Co. of America’s payout ratio is presently 45.41%.

Packaging Co. of America Profile

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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.