Cigna Investments Inc. New Invests $200,000 in Packaging Co. of America (NYSE:PKG)

Cigna Investments Inc. New acquired a new stake in shares of Packaging Co. of America (NYSE:PKG) in the third quarter, HoldingsChannel reports. The institutional investor acquired 928 shares of the industrial products company’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Asset Dedication LLC boosted its position in shares of Packaging Co. of America by 200.0% in the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of Packaging Co. of America during the 3rd quarter valued at $32,000. Tortoise Investment Management LLC purchased a new position in shares of Packaging Co. of America during the 2nd quarter valued at $33,000. Headlands Technologies LLC purchased a new stake in Packaging Co. of America in the 1st quarter worth $43,000. Finally, Strategic Financial Concepts LLC bought a new stake in Packaging Co. of America during the second quarter valued at about $50,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company upped their price objective on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday. Truist Financial reiterated a “buy” rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Finally, Citigroup upped their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $221.60.

Packaging Co. of America Stock Up 0.5 %

Shares of PKG opened at $229.99 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. The stock has a market capitalization of $20.66 billion, a price-to-earnings ratio of 26.81, a price-to-earnings-growth ratio of 3.24 and a beta of 0.76. Packaging Co. of America has a 1 year low of $148.50 and a 1 year high of $232.98. The business’s 50 day simple moving average is $214.85 and its 200-day simple moving average is $195.67.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. Packaging Co. of America’s revenue was up 14.9% on a year-over-year basis. As a group, equities analysts expect that Packaging Co. of America will post 9 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.17%. Packaging Co. of America’s payout ratio is currently 58.28%.

Packaging Co. of America 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.