Summit Investment Advisors Inc. Trims Position in Packaging Co. of America (NYSE:PKG)

Summit Investment Advisors Inc. reduced its holdings in Packaging Co. of America (NYSE:PKG) by 7.4% during the 4th quarter, Holdings Channel reports. The fund owned 869 shares of the industrial products company’s stock after selling 69 shares during the period. Summit Investment Advisors Inc.’s holdings in Packaging Co. of America were worth $196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PKG. Fortitude Family Office LLC grew its position in Packaging Co. of America by 150.8% during the 4th 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 during the period. Centricity Wealth Management LLC acquired a new stake in Packaging Co. of America during the fourth quarter worth about $44,000. Golden State Wealth Management LLC purchased a new position in Packaging Co. of America during the fourth quarter valued at approximately $48,000. Rialto Wealth Management LLC acquired a new position in Packaging Co. of America in the fourth quarter valued at approximately $63,000. Finally, Intact Investment Management Inc. acquired a new position in Packaging Co. of America in the fourth quarter valued at approximately $68,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 2.3 %

PKG stock opened at $186.29 on Wednesday. Packaging Co. of America has a one year low of $169.00 and a one year high of $250.82. The firm has a market cap of $16.75 billion, a PE ratio of 20.86, a PEG ratio of 2.41 and a beta of 0.84. The firm’s 50 day moving average price is $197.60 and its 200-day moving average price is $218.74. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, April 22nd. The industrial products company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.10. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. On average, 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 business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Friday, March 14th. Packaging Co. of America’s dividend payout ratio is presently 55.99%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PKG shares. Wells Fargo & Company cut their target price on shares of Packaging Co. of America from $236.00 to $209.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Truist Financial decreased their price objective on shares of Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating for the company in a research report on Tuesday. Seaport Res Ptn upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 13th. Citigroup increased their price target on Packaging Co. of America from $232.00 to $235.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. Finally, StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Sunday, April 6th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.40.

Packaging Co. of America Company 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.