Assenagon Asset Management S.A. Lowers Holdings in Packaging Co. of America (NYSE:PKG)

Assenagon Asset Management S.A. trimmed its holdings in Packaging Co. of America (NYSE:PKG) by 69.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,959 shares of the industrial products company’s stock after selling 122,562 shares during the period. Assenagon Asset Management S.A.’s holdings in Packaging Co. of America were worth $10,883,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Centricity Wealth Management LLC purchased a new position in shares of Packaging Co. of America in the fourth quarter valued at about $44,000. Lazard Asset Management LLC lifted its position in shares of Packaging Co. of America by 1,033.3% in the fourth quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 186 shares in the last quarter. Rialto Wealth Management LLC purchased a new position in shares of Packaging Co. of America in the fourth quarter valued at about $63,000. Ameriflex Group Inc. purchased a new position in shares of Packaging Co. of America in the fourth quarter valued at about $64,000. Finally, Intact Investment Management Inc. purchased a new position in shares of Packaging Co. of America in the fourth quarter valued at about $68,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Trading Down 2.6%

Shares of PKG stock opened at $188.30 on Friday. The stock’s 50-day moving average price is $189.04 and its 200-day moving average price is $208.20. 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 12-month low of $172.72 and a 12-month high of $250.82. The stock has a market capitalization of $16.94 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.10. Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Equities research analysts predict that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, June 13th. This represents a $5.00 annualized dividend and a yield of 2.66%. Packaging Co. of America’s payout ratio is currently 52.30%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PKG. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $180.00 target price (down from $205.00) on shares of Packaging Co. of America in a report on Friday, May 9th. Wall Street Zen cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Sunday, April 6th. UBS Group began coverage on Packaging Co. of America in a report on Wednesday, June 4th. They issued a “neutral” rating and a $200.00 target price on the stock. Finally, Truist Financial reduced their target price on Packaging Co. of America from $265.00 to $238.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $222.17.

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.