Allspring Global Investments Holdings LLC Trims Stock Position in Packaging Co. of America (NYSE:PKG)

Allspring Global Investments Holdings LLC cut its holdings in shares of Packaging Co. of America (NYSE:PKG) by 63.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 29,252 shares of the industrial products company’s stock after selling 51,654 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Packaging Co. of America were worth $6,589,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. GEM Asset Management LLC purchased a new position in shares of Packaging Co. of America in the 4th quarter worth about $206,000. Avidian Wealth Enterprises LLC raised its holdings in shares of Packaging Co. of America by 16.5% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 1,233 shares of the industrial products company’s stock worth $278,000 after purchasing an additional 175 shares during the period. Certuity LLC purchased a new position in shares of Packaging Co. of America in the 4th quarter worth about $218,000. Portfolio Design Labs LLC raised its holdings in shares of Packaging Co. of America by 64.2% in the 4th quarter. Portfolio Design Labs LLC now owns 1,980 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 774 shares during the period. Finally, JSF Financial LLC raised its holdings in shares of Packaging Co. of America by 3.5% in the 4th quarter. JSF Financial LLC now owns 4,668 shares of the industrial products company’s stock worth $1,051,000 after purchasing an additional 156 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on PKG. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Jefferies Financial Group upgraded Packaging Co. of America from a “hold” rating to a “buy” rating and raised their target price for the company from $215.00 to $280.00 in a report on Wednesday, December 18th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, January 29th. Wells Fargo & Company dropped their target price on Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Finally, Truist Financial reiterated a “buy” rating and set a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a report on Thursday, January 30th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.00.

Packaging Co. of America Price Performance

Shares of NYSE PKG opened at $212.24 on Thursday. Packaging Co. of America has a fifty-two week low of $167.60 and a fifty-two week high of $250.82. The business has a 50 day moving average price of $225.28 and a two-hundred day moving average price of $221.79. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The firm has a market cap of $19.06 billion, a PE ratio of 23.77, a price-to-earnings-growth ratio of 2.44 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. Sell-side 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 announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th were given a $1.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $5.00 annualized dividend and a dividend yield of 2.36%. Packaging Co. of America’s payout ratio is 55.99%.

Insider Transactions at Packaging Co. of America

In other news, SVP Joseph Vaughn sold 2,300 shares of Packaging Co. of America stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total value of $563,247.00. Following the completion of the transaction, the senior vice president now owns 9,197 shares in the company, valued at approximately $2,252,253.33. This trade represents a 20.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

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.