Meeder Asset Management Inc. Lowers Stock Position in Packaging Co. of America (NYSE:PKG)

Meeder Asset Management Inc. reduced its position in shares of Packaging Co. of America (NYSE:PKG) by 8.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,513 shares of the industrial products company’s stock after selling 143 shares during the period. Meeder Asset Management Inc.’s holdings in Packaging Co. of America were worth $246,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in Packaging Co. of America in the 3rd quarter valued at $25,000. Clear Street Markets LLC raised its stake in shares of Packaging Co. of America by 94.6% in the first quarter. Clear Street Markets LLC now owns 181 shares of the industrial products company’s stock valued at $25,000 after buying an additional 88 shares during the period. ICA Group Wealth Management LLC bought a new position in shares of Packaging Co. of America during the 4th quarter worth $28,000. Anchor Investment Management LLC purchased a new stake in Packaging Co. of America in the 4th quarter worth about $37,000. Finally, Money Concepts Capital Corp raised its stake in Packaging Co. of America by 60.0% in the 4th quarter. Money Concepts Capital Corp now owns 264 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 99 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Insiders Place Their Bets

In other news, VP Thomas A. Hassfurther sold 13,850 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the transaction, the vice president now directly owns 187,647 shares of the company’s stock, valued at $33,975,365.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Thomas A. Hassfurther sold 13,850 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the completion of the sale, the vice president now owns 187,647 shares of the company’s stock, valued at $33,975,365.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Robert P. Mundy sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the transaction, the chief financial officer now owns 46,454 shares in the company, valued at approximately $8,478,319.54. The disclosure for this sale can be found here. Insiders sold 38,041 shares of company stock valued at $6,799,177 over the last three months. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

PKG has been the subject of several recent research reports. Bank of America upgraded shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $172.00 to $202.00 in a research note on Monday, March 4th. Truist Financial raised their price target on Packaging Co. of America from $170.00 to $187.00 and gave the stock a “buy” rating in a report on Thursday, January 4th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Monday, February 12th. Seaport Res Ptn cut Packaging Co. of America from a “buy” rating to a “neutral” rating in a research report on Monday, January 29th. Finally, Citigroup boosted their price objective on shares of Packaging Co. of America from $172.00 to $183.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $169.50.

Packaging Co. of America Stock Performance

Packaging Co. of America stock opened at $190.71 on Tuesday. Packaging Co. of America has a fifty-two week low of $122.20 and a fifty-two week high of $190.74. The firm’s fifty day moving average price is $178.08 and its 200-day moving average price is $165.75. The stock has a market cap of $17.12 billion, a P/E ratio of 22.49, a price-to-earnings-growth ratio of 4.59 and a beta of 0.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.77 and a current ratio of 2.57.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.30. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. Packaging Co. of America’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the firm posted $2.35 EPS. On average, equities research analysts expect that Packaging Co. of America will post 8.18 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 15th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Thursday, March 14th. Packaging Co. of America’s payout ratio is presently 58.96%.

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 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.