Stifel Financial Corp lifted its position in shares of Packaging Corp Of America (NYSE:PKG) by 28.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,757 shares of the industrial products company’s stock after purchasing an additional 4,424 shares during the period. Stifel Financial Corp’s holdings in Packaging Corp Of America were worth $2,224,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC boosted its holdings in shares of Packaging Corp Of America by 416.9% in the 4th quarter. Millennium Management LLC now owns 630,773 shares of the industrial products company’s stock valued at $76,040,000 after purchasing an additional 508,733 shares in the last quarter. MD Sass Investors Services Inc. bought a new position in shares of Packaging Corp Of America in the 4th quarter valued at $27,191,000. Glenhill Advisors LLC bought a new position in shares of Packaging Corp Of America in the 4th quarter valued at $26,610,000. Victory Capital Management Inc. raised its position in Packaging Corp Of America by 14.2% during the 1st quarter. Victory Capital Management Inc. now owns 1,579,615 shares of the industrial products company’s stock worth $178,022,000 after purchasing an additional 195,831 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in Packaging Corp Of America by 15.9% during the 1st quarter. Neuberger Berman Group LLC now owns 1,177,332 shares of the industrial products company’s stock worth $132,731,000 after purchasing an additional 161,370 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.
Packaging Corp Of America opened at $114.14 on Friday, MarketBeat Ratings reports. Packaging Corp Of America has a 1-year low of $105.81 and a 1-year high of $131.13. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.72 and a quick ratio of 1.58. The stock has a market capitalization of $11.02 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.76 and a beta of 1.80.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Friday, June 15th will be given a $0.79 dividend. The ex-dividend date is Thursday, June 14th. This is a positive change from Packaging Corp Of America’s previous quarterly dividend of $0.63. This represents a $3.16 annualized dividend and a dividend yield of 2.77%. Packaging Corp Of America’s dividend payout ratio (DPR) is 52.49%.
Several research analysts recently issued reports on the company. Citigroup lowered their target price on Packaging Corp Of America from $136.00 to $123.00 and set a “neutral” rating for the company in a research report on Thursday, April 5th. Zacks Investment Research lowered Packaging Corp Of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 27th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Packaging Corp Of America in a research report on Wednesday, April 25th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $128.92.
In other news, Director Paul T. Stecko sold 566 shares of the firm’s stock in a transaction dated Tuesday, June 5th. The stock was sold at an average price of $120.94, for a total value of $68,452.04. Following the completion of the sale, the director now directly owns 69,077 shares in the company, valued at approximately $8,354,172.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.
Packaging Corp Of America Profile
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products.
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