Eastern Bank Invests $108,000 in Packaging Co. of America (NYSE:PKG)

Eastern Bank bought a new position in shares of Packaging Co. of America (NYSE:PKG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 500 shares of the industrial products company’s stock, valued at approximately $108,000.

A number of other large investors have also modified their holdings of PKG. Register Financial Advisors LLC purchased a new position in Packaging Co. of America in the 1st quarter valued at approximately $25,000. Asset Dedication LLC increased its stake in Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 112 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Packaging Co. of America in the 3rd quarter valued at approximately $32,000. Tortoise Investment Management LLC purchased a new position in Packaging Co. of America in the 2nd quarter valued at approximately $33,000. Finally, Headlands Technologies LLC purchased a new position in Packaging Co. of America in the 1st quarter valued at approximately $43,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Price Performance

PKG stock opened at $225.86 on Friday. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $231.30. The stock’s fifty day simple moving average is $212.04 and its 200-day simple moving average is $194.18. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $20.28 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 4.24 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter last year, the firm earned $2.05 earnings per share. The business’s revenue was up 14.9% on a year-over-year basis. Equities research analysts expect that Packaging Co. of America will post 8.77 EPS for the current year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PKG. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday. Wells Fargo & Company increased their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday. Truist Financial reiterated a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday. Finally, Citigroup increased their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Packaging Co. of America currently has an average rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Company Profile

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.