Norges Bank Buys New Position in Packaging Co. of America (NYSE:PKG)

Norges Bank purchased a new position in shares of Packaging Co. of America (NYSE:PKG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,150,125 shares of the industrial products company’s stock, valued at approximately $258,928,000. Norges Bank owned about 1.28% of Packaging Co. of America at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC boosted its position in Packaging Co. of America by 234.7% during the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 115 shares during the last quarter. Fortitude Family Office LLC grew its position in shares of 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 purchasing an additional 98 shares during the period. Centricity Wealth Management LLC acquired a new position in Packaging Co. of America in the fourth quarter valued at $44,000. Golden State Wealth Management LLC purchased a new position in Packaging Co. of America during the fourth quarter worth about $48,000. Finally, Rialto Wealth Management LLC purchased a new position in Packaging Co. of America during the fourth quarter worth about $63,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Stock Performance

Shares of PKG stock opened at $195.40 on Friday. The company’s fifty day simple moving average is $210.46 and its 200-day simple moving average is $222.16. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 52 week low of $169.00 and a 52 week high of $250.82. The company has a market cap of $17.55 billion, a PE ratio of 21.88, a P/E/G ratio of 2.41 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 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. As a group, equities research analysts anticipate that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, March 14th. Packaging Co. of America’s dividend payout ratio (DPR) is 55.99%.

Analyst Upgrades and Downgrades

Several research firms have 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. Truist Financial restated a “buy” rating and issued a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a report on Thursday, January 30th. Citigroup increased their price target on shares of Packaging Co. of America from $232.00 to $235.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. Jefferies Financial Group raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating and boosted their price objective for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Finally, StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Saturday. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.00.

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.