Packaging Co. of America (NYSE:PKG) Shares Sold by Teacher Retirement System of Texas

Posted by Defense World Staff on Jun 9th, 2023

Teacher Retirement System of Texas reduced its position in shares of Packaging Co. of America (NYSE:PKG – Get Rating) by 81.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,350 shares of the industrial products company’s stock after selling 44,564 shares during the period. Teacher Retirement System of Texas’ holdings in Packaging Co. of America were worth $1,324,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PKG. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Packaging Co. of America in the 4th quarter worth about $36,000. Rise Advisors LLC purchased a new position in Packaging Co. of America during the 4th quarter valued at about $40,000. Quent Capital LLC grew its stake in Packaging Co. of America by 80.2% during the 3rd quarter. Quent Capital LLC now owns 337 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 150 shares in the last quarter. General Partner Inc. purchased a new position in Packaging Co. of America during the 4th quarter valued at about $49,000. Finally, U.S. Capital Wealth Advisors LLC purchased a new position in Packaging Co. of America during the 4th quarter valued at about $64,000. 90.39% of the stock is owned by institutional investors and hedge funds.

Packaging Co. of America Stock Performance

NYSE PKG opened at $130.84 on Friday. Packaging Co. of America has a 1 year low of $110.56 and a 1 year high of $158.98. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.12 and a quick ratio of 1.91. The firm has a market cap of $11.77 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 3.27 and a beta of 0.88. The company has a fifty day moving average price of $134.43 and a 200-day moving average price of $134.60.

Packaging Co. of America (NYSE:PKG – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.07). The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.72 earnings per share. As a group, equities research analysts predict that Packaging Co. of America will post 8.12 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Wednesday, June 14th. Packaging Co. of America’s payout ratio is 47.98%.

Analyst Ratings Changes

PKG has been the subject of several research reports. Bank of America lifted their price target on Packaging Co. of America from $149.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, April 20th. VNET Group reiterated a “maintains” rating on shares of Packaging Co. of America in a research note on Wednesday, April 26th. StockNews.com began coverage on Packaging Co. of America in a research note on Thursday, May 18th. They set a “hold” rating for the company. Wells Fargo & Company lowered their target price on Packaging Co. of America from $135.00 to $126.00 in a research note on Wednesday, April 26th. Finally, 22nd Century Group reiterated a “maintains” rating on shares of Packaging Co. of America in a report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $127.29.

Packaging Co. of America Company 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.