Cannell & Co. lowered its position in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 26.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,948 shares of the industrial products company’s stock after selling 19,412 shares during the quarter. Cannell & Co.’s holdings in Packaging Co. of America were worth $6,998,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Korea Investment CORP grew its holdings in shares of Packaging Co. of America by 5.3% in the 1st quarter. Korea Investment CORP now owns 37,450 shares of the industrial products company’s stock worth $5,199,000 after acquiring an additional 1,893 shares during the last quarter. Barclays PLC raised its holdings in Packaging Co. of America by 141.6% during the 2nd quarter. Barclays PLC now owns 270,926 shares of the industrial products company’s stock worth $35,805,000 after buying an additional 158,780 shares during the period. Juncture Wealth Strategies LLC lifted its stake in Packaging Co. of America by 3.9% during the second quarter. Juncture Wealth Strategies LLC now owns 2,598 shares of the industrial products company’s stock valued at $343,000 after buying an additional 98 shares in the last quarter. Achmea Investment Management B.V. boosted its holdings in shares of Packaging Co. of America by 55.5% in the second quarter. Achmea Investment Management B.V. now owns 14,230 shares of the industrial products company’s stock worth $1,881,000 after buying an additional 5,077 shares during the period. Finally, Toroso Investments LLC increased its position in shares of Packaging Co. of America by 8.6% in the first quarter. Toroso Investments LLC now owns 25,729 shares of the industrial products company’s stock worth $3,572,000 after acquiring an additional 2,041 shares in the last quarter. 90.53% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PKG has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on shares of Packaging Co. of America in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Jefferies Financial Group lowered their price target on Packaging Co. of America from $142.00 to $140.00 and set a “hold” rating on the stock in a report on Wednesday, October 18th. Truist Financial increased their price objective on Packaging Co. of America from $156.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, September 21st. Citigroup lifted their target price on Packaging Co. of America from $150.00 to $158.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Finally, Wells Fargo & Company increased their price target on shares of Packaging Co. of America from $122.00 to $137.00 in a research report on Thursday, July 27th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Packaging Co. of America currently has a consensus rating of “Hold” and a consensus price target of $145.83.
Packaging Co. of America Trading Up 2.9 %
Shares of NYSE PKG opened at $157.88 on Wednesday. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 3.68 and a beta of 0.83. The business has a 50 day simple moving average of $151.52 and a 200 day simple moving average of $142.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.40 and a current ratio of 2.17. Packaging Co. of America has a 52 week low of $122.20 and a 52 week high of $159.18.
Packaging Co. of America (NYSE:PKG – Get Free Report) last posted its earnings results on Tuesday, October 24th. The industrial products company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.92 by $0.13. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.99 billion. Packaging Co. of America had a net margin of 10.04% and a return on equity of 21.30%. The company’s revenue for the quarter was down 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.83 earnings per share. On average, research analysts predict that Packaging Co. of America will post 8.35 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 Friday, October 13th. Stockholders of record on Monday, September 25th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, September 22nd. Packaging Co. of America’s dividend payout ratio is 57.54%.
Insider Activity at Packaging Co. of America
In other Packaging Co. of America news, Director Paul T. Stecko sold 9,737 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $153.99, for a total transaction of $1,499,400.63. Following the completion of the sale, the director now owns 18,765 shares of the company’s stock, valued at $2,889,622.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Kent A. Pflederer sold 4,000 shares of Packaging Co. of America stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $150.93, for a total value of $603,720.00. Following the transaction, the senior vice president now directly owns 54,447 shares in the company, valued at $8,217,685.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul T. Stecko sold 9,737 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $153.99, for a total value of $1,499,400.63. Following the sale, the director now owns 18,765 shares of the company’s stock, valued at approximately $2,889,622.35. The disclosure for this sale can be found here. 1.80% of the stock is owned by company insiders.
About Packaging Co. of America
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. 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.
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