Allstate Corp Invests $555,000 in Packaging Co. of America (NYSE:PKG)

Allstate Corp acquired a new stake in shares of Packaging Co. of America (NYSE:PKG) during the fourth quarter, Holdings Channel.com reports. The fund acquired 2,467 shares of the industrial products company’s stock, valued at approximately $555,000.

Other large investors have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. grew its holdings in shares of Packaging Co. of America by 188.9% during the 4th quarter. Brown Brothers Harriman & Co. now owns 390 shares of the industrial products company’s stock valued at $88,000 after acquiring an additional 255 shares in the last quarter. DnB Asset Management AS increased its position in Packaging Co. of America by 6.5% in the 4th quarter. DnB Asset Management AS now owns 17,530 shares of the industrial products company’s stock worth $3,947,000 after purchasing an additional 1,072 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in Packaging Co. of America by 25.9% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,761 shares of the industrial products company’s stock worth $1,072,000 after purchasing an additional 980 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Packaging Co. of America by 3.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 476,137 shares of the industrial products company’s stock worth $107,193,000 after purchasing an additional 16,900 shares in the last quarter. Finally, New Age Alpha Advisors LLC grew its stake in shares of Packaging Co. of America by 5,561.0% in the 4th quarter. New Age Alpha Advisors LLC now owns 4,642 shares of the industrial products company’s stock valued at $1,045,000 after buying an additional 4,560 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Trading Up 0.9 %

Shares of NYSE:PKG opened at $199.89 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The stock’s 50-day moving average is $208.82 and its 200-day moving average is $222.13. The company has a market cap of $17.95 billion, a P/E ratio of 22.38, a P/E/G ratio of 2.41 and a beta of 0.77. Packaging Co. of America has a 52-week low of $169.00 and a 52-week high of $250.82.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. Equities research analysts predict that Packaging Co. of America will post 10.44 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, March 14th. Packaging Co. of America’s payout ratio is currently 55.99%.

Analyst Ratings Changes

PKG has been the topic of several recent research reports. Wells Fargo & Company cut their price objective on shares of Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Truist Financial reaffirmed a “buy” rating and issued a $265.00 price objective (down previously from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Seaport Res Ptn upgraded shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Citigroup raised their target price on Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Finally, Jefferies Financial Group upgraded Packaging Co. of America from a “hold” rating to a “buy” rating and upped their price target for the stock from $215.00 to $280.00 in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $233.00.

Packaging Co. of America Company Profile

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.