Packaging Co. of America (NYSE:PKG) Shares Sold by Bank of Nova Scotia

Posted by Defense World Staff on May 23rd, 2023

Bank of Nova Scotia trimmed its position in Packaging Co. of America (NYSE:PKG – Get Rating) by 55.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,636 shares of the industrial products company’s stock after selling 13,091 shares during the quarter. Bank of Nova Scotia’s holdings in Packaging Co. of America were worth $1,360,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Packaging Co. of America in the fourth quarter valued at $36,000. Rise Advisors LLC purchased a new stake in shares of Packaging Co. of America in the 4th quarter valued at approximately $40,000. Quent Capital LLC lifted its holdings in shares of Packaging Co. of America by 80.2% in the 3rd quarter. Quent Capital LLC now owns 337 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 150 shares during the last quarter. General Partner Inc. purchased a new position in shares of Packaging Co. of America during the 4th quarter worth approximately $49,000. Finally, U.S. Capital Wealth Advisors LLC acquired a new stake in Packaging Co. of America in the 4th quarter valued at approximately $64,000. Hedge funds and other institutional investors own 90.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PKG shares. Truist Financial boosted their price objective on Packaging Co. of America from $138.00 to $144.00 and gave the company a “buy” rating in a report on Friday, January 27th. Wells Fargo & Company lowered their price objective on shares of Packaging Co. of America from $135.00 to $126.00 in a research note on Wednesday, April 26th. Bank of America increased their target price on shares of Packaging Co. of America from $149.00 to $150.00 and gave the stock a “neutral” rating in a report on Thursday, April 20th. VNET Group restated a “maintains” rating on shares of Packaging Co. of America in a research note on Wednesday, April 26th. Finally, 22nd Century Group reaffirmed a “maintains” rating on shares of Packaging Co. of America in a research report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $127.29.

Packaging Co. of America Stock Performance

NYSE:PKG opened at $129.07 on Tuesday. The business’s fifty day moving average price is $135.59 and its 200 day moving average price is $134.60. The firm has a market capitalization of $11.61 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 3.19 and a beta of 0.87. Packaging Co. of America has a 12 month low of $110.56 and a 12 month high of $162.93. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.12 and a quick ratio of 1.91.

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 the consensus estimate of $2.27 by ($0.07). The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2.08 billion. Packaging Co. of America had a return on equity of 25.59% and a net margin of 11.61%. Packaging Co. of America’s revenue was down 7.5% on a year-over-year basis. During the same period last year, the business posted $2.72 EPS. On average, sell-side analysts anticipate that Packaging Co. of America will post 8.12 earnings per share for the current fiscal 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 $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Wednesday, June 14th. Packaging Co. of America’s dividend payout ratio (DPR) is 47.98%.

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.