Ritholtz Wealth Management Has $1.06 Million Position in Packaging Corporation of America (NYSE:PKG)

Ritholtz Wealth Management grew its stake in Packaging Corporation of America (NYSE:PKGFree Report) by 15.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,355 shares of the industrial products company’s stock after purchasing an additional 718 shares during the period. Ritholtz Wealth Management’s holdings in Packaging Corporation of America were worth $1,060,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Packaging Corporation of America by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 11,423,715 shares of the industrial products company’s stock valued at $2,571,821,000 after purchasing an additional 133,575 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Packaging Corporation of America by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,069,949 shares of the industrial products company’s stock valued at $691,138,000 after purchasing an additional 132,836 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Packaging Corporation of America by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,366,723 shares of the industrial products company’s stock valued at $531,540,000 after purchasing an additional 29,427 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Packaging Corporation of America by 0.8% in the 4th quarter. Invesco Ltd. now owns 1,853,092 shares of the industrial products company’s stock valued at $417,187,000 after purchasing an additional 14,775 shares in the last quarter. Finally, Boston Partners boosted its stake in shares of Packaging Corporation of America by 7.0% in the 4th quarter. Boston Partners now owns 1,565,351 shares of the industrial products company’s stock valued at $352,305,000 after purchasing an additional 101,755 shares in the last quarter. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Down 1.6%

Packaging Corporation of America stock opened at $186.35 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.15 and a current ratio of 3.28. Packaging Corporation of America has a 52-week low of $172.72 and a 52-week high of $250.82. The firm has a 50 day moving average price of $189.25 and a two-hundred day moving average price of $207.09. The firm has a market cap of $16.77 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 2.51 and a beta of 0.84.

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

Packaging Corporation 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 issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.00 annualized dividend and a yield of 2.68%. Packaging Corporation of America’s payout ratio is 52.30%.

Wall Street Analysts Forecast Growth

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

Get Our Latest Stock Analysis on Packaging Corporation of America

About Packaging Corporation of America

(Free Report)

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.

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Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

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