Teacher Retirement System of Texas Cuts Holdings in Packaging Co. of America (NYSE:PKG)

Teacher Retirement System of Texas decreased its stake in Packaging Co. of America (NYSE:PKG) by 15.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,964 shares of the industrial products company’s stock after selling 15,973 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.09% of Packaging Co. of America worth $12,090,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Inspire Investing LLC acquired a new stake in shares of Packaging Co. of America in the third quarter valued at about $381,000. CIBC Asset Management Inc boosted its position in Packaging Co. of America by 237.2% during the third quarter. CIBC Asset Management Inc now owns 28,418 shares of the industrial products company’s stock worth $3,906,000 after acquiring an additional 19,990 shares during the last quarter. Pinebridge Investments L.P. boosted its position in Packaging Co. of America by 9,826.0% during the third quarter. Pinebridge Investments L.P. now owns 120,700 shares of the industrial products company’s stock worth $16,589,000 after acquiring an additional 119,484 shares during the last quarter. First Horizon Advisors Inc. boosted its position in Packaging Co. of America by 5,351.0% during the third quarter. First Horizon Advisors Inc. now owns 2,671 shares of the industrial products company’s stock worth $397,000 after acquiring an additional 2,622 shares during the last quarter. Finally, JustInvest LLC acquired a new position in Packaging Co. of America during the third quarter worth about $669,000. Institutional investors and hedge funds own 89.05% of the company’s stock.

A number of equities analysts recently weighed in on PKG shares. Truist Securities started coverage on shares of Packaging Co. of America in a research report on Wednesday, October 13th. They set a “hold” rating and a $131.00 price target on the stock. Jefferies Financial Group reaffirmed a “neutral” rating and set a $157.00 target price on shares of Packaging Co. of America in a research note on Friday, November 5th. Wells Fargo & Company reduced their target price on shares of Packaging Co. of America from $155.00 to $145.00 and set an “equal weight” rating on the stock in a research note on Friday, October 8th. Truist assumed coverage on shares of Packaging Co. of America in a research note on Wednesday, October 13th. They set a “hold” rating and a $131.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Packaging Co. of America from $135.00 to $129.00 and set a “hold” rating on the stock in a research note on Monday, December 20th. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $138.50.

Shares of NYSE:PKG opened at $137.31 on Friday. The stock has a market cap of $13.04 billion, a P/E ratio of 17.49, a P/E/G ratio of 2.83 and a beta of 0.91. The firm has a fifty day moving average price of $133.61 and a 200 day moving average price of $138.37. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.31 and a quick ratio of 1.78. Packaging Co. of America has a 1-year low of $124.78 and a 1-year high of $156.54.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Sunday, October 24th. The industrial products company reported $2.69 EPS for the quarter, topping the Zacks’ consensus estimate of $2.34 by $0.35. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.93 billion. Packaging Co. of America had a net margin of 10.11% and a return on equity of 22.26%. Packaging Co. of America’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 EPS. Sell-side analysts expect that Packaging Co. of America will post 8.71 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 14th. Shareholders of record on Monday, December 20th were given a dividend of $1.00 per share. The ex-dividend date was Friday, December 17th. This represents a $4.00 dividend on an annualized basis and a yield of 2.91%. Packaging Co. of America’s payout ratio is currently 50.96%.

About Packaging Co. of America

Packaging Corp. 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 Co. of America (NYSE:PKG)

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