Huntington National Bank Boosts Position in Packaging Co. of America (NYSE:PKG)

Huntington National Bank boosted its position in Packaging Co. of America (NYSE:PKG) by 0.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,075 shares of the industrial products company’s stock after purchasing an additional 55 shares during the period. Huntington National Bank’s holdings in Packaging Co. of America were worth $2,170,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PKG. Aigen Investment Management LP purchased a new position in shares of Packaging Co. of America in the third quarter worth approximately $529,000. Sumitomo Mitsui Trust Group Inc. raised its position in Packaging Co. of America by 1.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 229,989 shares of the industrial products company’s stock worth $49,540,000 after acquiring an additional 2,325 shares during the period. Apollon Wealth Management LLC boosted its stake in shares of Packaging Co. of America by 24.1% during the 3rd quarter. Apollon Wealth Management LLC now owns 1,386 shares of the industrial products company’s stock worth $298,000 after acquiring an additional 269 shares during the last quarter. Jeppson Wealth Management LLC bought a new stake in shares of Packaging Co. of America during the 3rd quarter valued at $210,000. Finally, Core Wealth Partners LLC purchased a new stake in shares of Packaging Co. of America in the 3rd quarter worth $215,000. 89.78% of the stock is currently owned by institutional investors.

Insider Activity at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the sale, the chief financial officer now owns 43,954 shares of the company’s stock, valued at $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the completion of the transaction, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.

Packaging Co. of America Trading Up 0.1 %

PKG stock opened at $235.81 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a 1-year low of $148.50 and a 1-year high of $245.00. The business has a 50 day simple moving average of $221.23 and a two-hundred day simple moving average of $199.93. The company has a market capitalization of $21.18 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 3.35 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. Packaging Co. of America’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.05 earnings per share. Research analysts anticipate that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were given a $1.25 dividend. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.12%. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PKG. Wells Fargo & Company lifted their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday. Truist Financial restated a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, Citigroup lifted their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $221.60.

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.