Allstate Corp Invests $555,000 in Packaging Co. of America (NYSE:PKG)

Allstate Corp bought a new stake in Packaging Co. of America (NYSE:PKG) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,467 shares of the industrial products company’s stock, valued at approximately $555,000.

Several other hedge funds have also recently added to or reduced their stakes in PKG. Fortitude Family Office LLC grew its stake 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 worth $37,000 after purchasing an additional 98 shares in the last quarter. Centricity Wealth Management LLC bought a new position in Packaging Co. of America in the 4th quarter valued at about $44,000. Golden State Wealth Management LLC acquired a new position in Packaging Co. of America during the 4th quarter valued at about $48,000. Rialto Wealth Management LLC bought a new stake in shares of Packaging Co. of America during the 4th quarter worth about $63,000. Finally, Intact Investment Management Inc. acquired a new stake in shares of Packaging Co. of America in the 4th quarter worth approximately $68,000. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Trading Up 0.9 %

Shares of PKG opened at $199.89 on Wednesday. The business’s 50-day moving average price is $208.82 and its 200 day moving average price is $222.13. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $17.95 billion, a P/E ratio of 22.38, a P/E/G ratio of 2.41 and a beta of 0.77. Packaging Co. of America has a 1-year low of $169.00 and a 1-year high of $250.82.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share for the quarter, missing the consensus estimate 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%. Analysts expect that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.50%. Packaging Co. of America’s payout ratio is currently 55.99%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Citigroup raised their price objective on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Saturday. Jefferies Financial Group raised 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 research note on Wednesday, December 18th. Wells Fargo & Company dropped their price target on shares of Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Finally, Seaport Res Ptn upgraded shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.00.

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.