Dalton Investments Boosts Stake in Packaging Corp of America to 9.06%
PKG sits 19% above its 52-week low of $184.76.
Summary
Dalton Investments and its related entities have increased their ownership stake in Packaging Corp of America to 9.06% from 8.05%. This 1.01 percentage point increase by a significant institutional investor signals increased conviction in the company's prospects. This follows recent positive developments for PKG, including better-than-expected Q1 earnings and a 20% dividend increase announced in May.
At the time of this announcement, PKG was trading at $219.43 on NYSE in the Manufacturing sector, with a market capitalization of approximately $19.6B. The 52-week trading range was $184.76 to $249.51. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.