Mackay Shields LLC Takes $1.79 Million Position in Packaging Co. of America (PKG)


Mackay Shields LLC purchased a new position in shares of Packaging Co. of America (NYSE:PKG) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 15,881 shares of the industrial products company’s stock, valued at approximately $1,790,000.


Other institutional investors and hedge funds have also modified their holdings of the company. MD Sass Investors Services Inc. bought a new position in shares of Packaging Co. of America during the 4th quarter worth approximately $27,191,000. Global Financial Private Capital LLC grew its stake in shares of Packaging Co. of America by 20.1% during the 4th quarter. Global Financial Private Capital LLC now owns 15,221 shares of the industrial products company’s stock worth $1,836,000 after acquiring an additional 2,551 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of Packaging Co. of America by 26.6% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 180,897 shares of the industrial products company’s stock worth $21,807,000 after acquiring an additional 38,042 shares in the last quarter. Ascension Asset Management LLC bought a new position in shares of Packaging Co. of America during the 4th quarter worth approximately $1,721,000. Finally, Navellier & Associates Inc bought a new position in shares of Packaging Co. of America during the 4th quarter worth approximately $10,561,000. 88.42% of the stock is owned by institutional investors.


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PKG has been the subject of several research reports. Zacks Investment Research cut shares of Packaging Co. of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 27th. Wells Fargo raised shares of Packaging Co. of America from a “market perform” rating to an “outperform” rating in a research note on Wednesday, January 31st. Barclays raised their target price on shares of Packaging Co. of America from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. KeyCorp reissued a “hold” rating on shares of Packaging Co. of America in a research note on Wednesday, April 25th. Finally, DA Davidson raised their target price on shares of Packaging Co. of America to $135.00 and gave the company a “positive” rating in a research note on Thursday, February 1st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $128.92.


Packaging Co. of America opened at $121.18 on Friday, MarketBeat Ratings reports. Packaging Co. of America has a 1-year low of $99.00 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 firm has a market capitalization of $11.35 billion, a P/E ratio of 20.13, a PEG ratio of 1.82 and a beta of 1.81.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, April 24th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.02. Packaging Co. of America had a return on equity of 28.10% and a net margin of 10.48%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter last year, the firm posted $1.27 EPS. The company’s quarterly revenue was up 10.0% on a year-over-year basis. sell-side analysts anticipate that Packaging Co. of America will post 7.94 EPS for the current year.


The firm also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 15th will be issued a dividend of $0.79 per share. This is an increase from Packaging Co. of America’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $3.16 annualized dividend and a yield of 2.61%. Packaging Co. of America’s dividend payout ratio (DPR) is currently 41.86%.

Packaging Co. of America Company 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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Institutional Ownership by Quarter for Packaging Co. of America (NYSE:PKG)

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