Packaging Co. of America (NYSE:PKG) Sets New 12-Month High Following Dividend Announcement

Shares of Packaging Co. of America (NYSE:PKG) hit a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $206.84 and last traded at $206.19, with a volume of 84068 shares traded. The stock had previously closed at $204.91.

The newly announced dividend which will be paid on Monday, September 16th. Investors of record on Tuesday, October 15th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.43%. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

Wall Street Analyst Weigh In

PKG has been the subject of a number of research reports. Bank of America lifted their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Citigroup lifted their price target on shares of Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a report on Monday, July 8th. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Truist Financial upped their target price on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $190.50.

Packaging Co. of America Trading Up 0.3 %

The firm’s 50-day simple moving average is $191.09 and its 200 day simple moving average is $184.42. The stock has a market cap of $18.46 billion, a P/E ratio of 25.61, a PEG ratio of 5.08 and a beta of 0.77. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating the consensus estimate of $2.14 by $0.06. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The firm’s revenue was up 6.3% compared to the same quarter last year. During the same period last year, the firm earned $2.31 EPS. As a group, equities research analysts anticipate that Packaging Co. of America will post 8.71 earnings per share for the current year.

Insider Activity

In related news, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of the sale, the executive vice president now owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Donald R. Shirley sold 6,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the sale, the senior vice president now directly owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the completion of the transaction, the executive vice president now directly owns 25,539 shares in the company, valued at $5,012,794.92. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Register Financial Advisors LLC acquired a new position in shares of Packaging Co. of America in the first quarter worth $25,000. Neo Ivy Capital Management acquired a new position in Packaging Co. of America in the 4th quarter worth about $28,000. First Horizon Advisors Inc. raised its stake in shares of Packaging Co. of America by 60.5% during the 4th quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 69 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in shares of Packaging Co. of America during the 4th quarter worth about $31,000. Finally, Asset Dedication LLC lifted its holdings in shares of Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after buying an additional 112 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

About Packaging Co. of America

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and 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, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.