State Board of Administration of Florida Retirement System Has $14.79 Million Stock Holdings in Packaging Co. of America (NYSE:PKG)

Posted by Defense World Staff on May 8th, 2023

State Board of Administration of Florida Retirement System trimmed its position in Packaging Co. of America (NYSE:PKG – Get Rating) by 5.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,639 shares of the industrial products company’s stock after selling 6,080 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.12% of Packaging Co. of America worth $14,791,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Packaging Co. of America by 1.4% in 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 buying an additional 161,559 shares in the last quarter. BlackRock Inc. grew its holdings in shares of 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 worth $977,364,000 after purchasing an additional 115,784 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of 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 worth $352,110,000 after purchasing an additional 70,908 shares in the last quarter. Maj Invest Holding A S grew its holdings in shares of Packaging Co. of America by 1.0% during 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 purchasing an additional 21,180 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Packaging Co. of America by 30.1% during the 1st quarter. Invesco Ltd. now owns 1,201,621 shares of the industrial products company’s stock worth $187,586,000 after purchasing an additional 278,124 shares in the last quarter. 90.39% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on PKG shares. Bank of America increased their target price on Packaging Co. of America from $149.00 to $150.00 and gave the stock a “neutral” rating in a report on Thursday, April 20th. 22nd Century Group restated a “maintains” rating on shares of Packaging Co. of America in a research report on Wednesday, April 26th. VNET Group restated a “maintains” rating on shares of Packaging Co. of America in a research report on Wednesday, April 26th. Wells Fargo & Company dropped their price objective on Packaging Co. of America from $135.00 to $126.00 in a research report on Wednesday, April 26th. Finally, StockNews.com initiated coverage on Packaging Co. of America in a research report on Thursday, March 16th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $127.29.

Packaging Co. of America Price Performance

Packaging Co. of America stock opened at $135.37 on Monday. The stock’s 50 day moving average is $136.91 and its 200 day moving average is $133.60. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.12 and a quick ratio of 1.75. The firm has a market cap of $12.17 billion, a P/E ratio of 12.99, a P/E/G ratio of 3.28 and a beta of 0.87. Packaging Co. of America has a one year low of $110.56 and a one year high of $163.45.

Packaging Co. of America (NYSE:PKG – Get Rating) last issued its earnings results on Tuesday, April 25th. The industrial products company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.07). The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2.08 billion. Packaging Co. of America had a return on equity of 25.59% and a net margin of 11.61%. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.72 earnings per share. As a group, research analysts expect that Packaging Co. of America will post 8.26 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be given a dividend of $1.25 per share. The ex-dividend date is Wednesday, June 14th. This represents a $5.00 annualized dividend and a dividend yield of 3.69%. Packaging Co. of America’s payout ratio is 47.98%.

About Packaging Co. of America

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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.