Truist Financial Corp Sells 2,437 Shares of Packaging Co. of America (NYSE:PKG)

Truist Financial Corp decreased its position in shares of Packaging Co. of America (NYSE:PKG) by 12.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,083 shares of the industrial products company’s stock after selling 2,437 shares during the quarter. Truist Financial Corp’s holdings in Packaging Co. of America were worth $2,783,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Louisiana State Employees Retirement System acquired a new position in Packaging Co. of America in the fourth quarter valued at $880,000. International Assets Investment Management LLC boosted its position in shares of Packaging Co. of America by 19,323.7% during the 4th quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock valued at $4,936,000 after purchasing an additional 30,145 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Packaging Co. of America during the fourth quarter worth approximately $16,338,000. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Packaging Co. of America by 60.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,020 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 1,890 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Packaging Co. of America by 90.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,431 shares of the industrial products company’s stock valued at $2,188,000 after buying an additional 6,368 shares during the period. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock opened at $179.15 on Wednesday. The company has a market cap of $16.08 billion, a PE ratio of 22.39, a price-to-earnings-growth ratio of 4.29 and a beta of 0.80. The company has a quick ratio of 1.77, a current ratio of 2.57 and a debt-to-equity ratio of 0.62. Packaging Co. of America has a 52 week low of $122.20 and a 52 week high of $191.27. The business has a 50 day moving average price of $182.41 and a 200-day moving average price of $169.64.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.09. Packaging Co. of America had a return on equity of 18.94% and a net margin of 9.25%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period last year, the business earned $2.20 EPS. The business’s revenue was up .2% on a year-over-year basis. Equities analysts anticipate that Packaging Co. of America will post 8.21 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were paid a $1.25 dividend. The ex-dividend date was Thursday, March 14th. This represents a $5.00 annualized dividend and a yield of 2.79%. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

Insiders Place Their Bets

In related news, CFO Robert P. Mundy sold 10,000 shares of the 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 sale, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at $8,478,319.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Packaging Co. of America news, CFO Robert P. Mundy sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $182.51, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas A. Hassfurther sold 14,191 shares of Packaging Co. of America stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $173.80, for a total value of $2,466,395.80. Following the sale, the vice president now owns 183,930 shares in the company, valued at $31,967,034. The disclosure for this sale can be found here. Insiders have sold a total of 38,041 shares of company stock valued at $6,799,177 in the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on PKG shares. BNP Paribas downgraded shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective for the company. in a research report on Friday, April 12th. Wells Fargo & Company upgraded shares of Packaging Co. of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $187.00 to $191.00 in a report on Wednesday, April 24th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Bank of America raised Packaging Co. of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $172.00 to $202.00 in a research note on Monday, March 4th. Finally, Seaport Res Ptn cut Packaging Co. of America from a “buy” rating to a “neutral” rating in a research note on Monday, January 29th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Packaging Co. of America presently has an average rating of “Hold” and a consensus target price of $173.57.

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.