Strategy Asset Managers LLC Takes $761,000 Position in Packaging Co. of America (NYSE:PKG)

Strategy Asset Managers LLC acquired a new stake in Packaging Co. of America (NYSE:PKG) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,532 shares of the industrial products company’s stock, valued at approximately $761,000.

Other institutional investors also recently modified their holdings of the company. Asset Dedication LLC boosted its stake in shares of Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 112 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Packaging Co. of America in the 3rd quarter valued at $32,000. Tortoise Investment Management LLC bought a new stake in shares of Packaging Co. of America in the 2nd quarter valued at $33,000. Strategic Financial Concepts LLC bought a new stake in shares of Packaging Co. of America in the 2nd quarter valued at $50,000. Finally, Assetmark Inc. boosted its stake in Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 83 shares in the last quarter. 89.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PKG has been the topic of several research analyst reports. Citigroup increased their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Truist Financial reissued a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Wells Fargo & Company increased their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $221.60.

Packaging Co. of America Stock Up 0.1 %

Packaging Co. of America stock opened at $238.31 on Wednesday. Packaging Co. of America has a 1-year low of $148.50 and a 1-year high of $245.00. The firm has a market capitalization of $21.40 billion, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 3.31 and a beta of 0.76. The firm’s fifty day moving average price is $222.57 and its two-hundred day moving average price is $201.18. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the firm earned $2.05 earnings per share. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is 58.28%.

Insider Buying and Selling at Packaging Co. of America

In other news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the completion of the sale, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the completion of the sale, the senior vice president now owns 15,725 shares of the company’s stock, valued at approximately $3,777,145. This represents a 33.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Packaging Co. of America 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.