Amalgamated Bank Has $3.58 Million Stock Position in Packaging Corporation of America (NYSE:PKG)

Amalgamated Bank increased its position in shares of Packaging Corporation of America (NYSE:PKG) by 0.7% during the first quarter, HoldingsChannel.com reports. The firm owned 18,091 shares of the industrial products company’s stock after buying an additional 130 shares during the period. Amalgamated Bank’s holdings in Packaging Corporation of America were worth $3,582,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Alpine Bank Wealth Management acquired a new stake in Packaging Corporation of America during the first quarter worth $39,000. Lazard Asset Management LLC lifted its holdings in shares of Packaging Corporation of America by 1,033.3% during the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 186 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of Packaging Corporation of America during the 4th quarter valued at about $63,000. Ameriflex Group Inc. bought a new stake in Packaging Corporation of America in the fourth quarter valued at about $64,000. Finally, Intact Investment Management Inc. bought a new stake in Packaging Corporation of America in the fourth quarter valued at about $68,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PKG. Jefferies Financial Group cut shares of Packaging Corporation of America from a “buy” rating to a “hold” rating and cut their price target for the stock from $245.00 to $205.00 in a research note on Monday, June 16th. UBS Group assumed coverage on Packaging Corporation of America in a research report on Wednesday, June 4th. They set a “neutral” rating and a $200.00 target price for the company. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $180.00 price target (down previously from $205.00) on shares of Packaging Corporation of America in a research note on Friday, May 9th. Wall Street Zen lowered Packaging Corporation of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Finally, Truist Financial lifted their price objective on Packaging Corporation of America from $237.00 to $239.00 and gave the company a “buy” rating in a report on Tuesday, June 17th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Packaging Corporation of America has a consensus rating of “Hold” and a consensus target price of $211.80.

Packaging Corporation of America Stock Performance

Shares of Packaging Corporation of America stock opened at $202.29 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.15. The firm has a 50 day simple moving average of $190.28 and a 200 day simple moving average of $203.23. Packaging Corporation of America has a fifty-two week low of $172.72 and a fifty-two week high of $250.82. The firm has a market cap of $18.20 billion, a P/E ratio of 21.16, a P/E/G ratio of 2.64 and a beta of 0.82.

Packaging Corporation of America (NYSE:PKG) last released its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.10. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.09%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Sell-side analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, June 13th. This represents a $5.00 dividend on an annualized basis and a yield of 2.47%. Packaging Corporation of America’s payout ratio is presently 52.30%.

Packaging Corporation of America Company Profile

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.