Millennium Management LLC Sells 495,124 Shares of Packaging Co. of America (NYSE:PKG)

Millennium Management LLC trimmed its position in shares of Packaging Co. of America (NYSE:PKG) by 44.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 619,543 shares of the industrial products company’s stock after selling 495,124 shares during the quarter. Millennium Management LLC’s holdings in Packaging Co. of America were worth $139,478,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC bought a new position in Packaging Co. of America during the 4th quarter valued at about $44,000. Lazard Asset Management LLC grew its holdings in Packaging Co. of America by 1,033.3% during the 4th quarter. Lazard Asset Management LLC now owns 204 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 186 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Packaging Co. of America during the 4th quarter valued at about $48,000. Rialto Wealth Management LLC bought a new position in Packaging Co. of America during the 4th quarter valued at about $63,000. Finally, Intact Investment Management Inc. bought a new position in Packaging Co. of America during the 4th quarter valued at about $68,000. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Price Performance

Shares of PKG stock opened at $188.77 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The company’s 50-day simple moving average is $190.12 and its two-hundred day simple moving average is $215.08. Packaging Co. of America has a one year low of $172.72 and a one year high of $250.82. The company has a market capitalization of $16.99 billion, a P/E ratio of 21.14, a P/E/G ratio of 2.41 and a beta of 0.85.

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

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.65%. Packaging Co. of America’s dividend payout ratio is presently 52.30%.

Analyst Upgrades and Downgrades

PKG has been the topic of several analyst reports. Truist Financial cut their price target on shares of 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. Seaport Res Ptn upgraded shares of Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Wells Fargo & Company restated an “equal weight” rating and issued a $180.00 target price (down from $205.00) on shares of Packaging Co. of America in a research note on Friday, May 9th. Finally, StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Sunday, April 6th. Three 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $226.60.

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.