Franklin Resources Inc. Cuts Stake in Packaging Co. of America (NYSE:PKG)

Franklin Resources Inc. decreased its position in Packaging Co. of America (NYSE:PKG) by 19.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,117 shares of the industrial products company’s stock after selling 25,511 shares during the period. Franklin Resources Inc.’s holdings in Packaging Co. of America were worth $23,665,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC lifted its holdings in Packaging Co. of America by 150.8% in the fourth quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 98 shares during the period. Centricity Wealth Management LLC acquired a new stake in shares of Packaging Co. of America in the fourth quarter valued at about $44,000. Golden State Wealth Management LLC purchased a new stake in Packaging Co. of America during the fourth quarter worth about $48,000. Rialto Wealth Management LLC acquired a new position in Packaging Co. of America during the fourth quarter worth about $63,000. Finally, Intact Investment Management Inc. purchased a new position in Packaging Co. 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 Ratings Changes

Several brokerages recently issued reports on PKG. Seaport Res Ptn raised Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Wells Fargo & Company lowered 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. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Sunday. Jefferies Financial Group raised Packaging Co. of America from a “hold” rating to a “buy” rating and increased their price objective for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Finally, Truist Financial reissued a “buy” rating and issued a $265.00 target price (down previously from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Packaging Co. of America presently has a consensus rating of “Moderate Buy” and an average target price of $233.00.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $183.04 on Monday. The company has a market cap of $16.46 billion, a P/E ratio of 20.50, a P/E/G ratio of 2.41 and a beta of 0.84. The business has a fifty day simple moving average of $205.91 and a 200-day simple moving average of $221.66. Packaging Co. of America has a 52 week low of $169.00 and a 52 week high of $250.82. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, January 28th. The industrial products company reported $2.47 EPS for the quarter, missing the consensus estimate 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%. Equities research analysts forecast that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Friday, March 14th. Packaging Co. of America’s dividend payout ratio is currently 55.99%.

Packaging Co. of America 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.