Wedmont Private Capital Has $310,000 Holdings in Packaging Co. of America (NYSE:PKG)

Wedmont Private Capital lessened its holdings in Packaging Co. of America (NYSE:PKG) by 11.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,639 shares of the industrial products company’s stock after selling 208 shares during the quarter. Wedmont Private Capital’s holdings in Packaging Co. of America were worth $310,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jackson Creek Investment Advisors LLC bought a new stake in shares of Packaging Co. of America during the 4th quarter worth about $293,000. AlphaQuest LLC lifted its stake in Packaging Co. of America by 25.3% in the 4th quarter. AlphaQuest LLC now owns 9,683 shares of the industrial products company’s stock valued at $2,180,000 after purchasing an additional 1,954 shares during the last quarter. Distillate Capital Partners LLC bought a new position in Packaging Co. of America in the fourth quarter valued at about $15,828,000. Strategic Financial Concepts LLC bought a new position in shares of Packaging Co. of America during the fourth quarter valued at $6,966,000. Finally, Sciencast Management LP acquired a new position in shares of Packaging Co. of America in the fourth quarter worth approximately $2,853,000. 89.78% of the stock is owned by institutional investors.

Packaging Co. of America Trading Down 2.0%

Shares of Packaging Co. of America stock opened at $193.22 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a 1 year low of $172.72 and a 1 year high of $250.82. The firm has a market cap of $17.39 billion, a PE ratio of 21.64, a PEG ratio of 2.41 and a beta of 0.84. The company has a 50 day simple moving average of $188.53 and a two-hundred day simple moving average of $208.98.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.10. Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Analysts expect that Packaging Co. of America will post 10.44 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Friday, June 13th. Packaging Co. of America’s dividend payout ratio (DPR) is currently 52.30%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PKG. UBS Group initiated coverage on shares of Packaging Co. of America in a report on Wednesday, June 4th. They set a “neutral” rating and a $200.00 price objective for the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $180.00 price objective (down previously from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Wall Street Zen cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Truist Financial reduced their price target on shares of Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Finally, Seaport Res Ptn raised shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Packaging Co. of America currently has an average rating of “Moderate Buy” and an average target price of $222.17.

About Packaging Co. of America

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.