Trustmark National Bank Trust Department Takes $277,000 Position in Packaging Co. of America (NYSE:PKG)

Trustmark National Bank Trust Department purchased a new position in shares of Packaging Co. of America (NYSE:PKG) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,288 shares of the industrial products company’s stock, valued at approximately $277,000.

Other hedge funds also recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co grew its stake in shares of Packaging Co. of America by 4.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock valued at $13,419,000 after buying an additional 3,078 shares in the last quarter. Summit Financial Strategies Inc. increased its position in Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after purchasing an additional 12,129 shares during the period. DekaBank Deutsche Girozentrale increased its position in Packaging Co. of America by 6.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock worth $41,839,000 after purchasing an additional 14,277 shares during the period. M&G Plc purchased a new stake in shares of Packaging Co. of America during the 2nd quarter worth approximately $840,000. Finally, Dai ichi Life Insurance Company Ltd boosted its stake in shares of Packaging Co. of America by 10.5% during the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 35,193 shares of the industrial products company’s stock worth $6,425,000 after acquiring an additional 3,355 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Donald R. Shirley sold 8,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value of $1,921,600.00. Following the completion of the sale, the senior vice president now directly owns 15,725 shares in the company, valued at approximately $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 43,954 shares of the company’s stock, valued at $10,576,211.48. This represents a 22.14 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $245.30 on Friday. The firm’s 50 day moving average is $224.10 and its two-hundred day moving average is $201.79. Packaging Co. of America has a 52 week low of $152.99 and a 52 week high of $248.62. The firm has a market capitalization of $22.03 billion, a P/E ratio of 28.59, a PEG ratio of 3.35 and a beta of 0.76. 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 announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate 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 company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the business earned $2.05 earnings per share. Packaging Co. of America’s revenue was up 14.9% compared to the same quarter last year. Analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a $1.25 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.04%. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

Wall Street Analyst Weigh In

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

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.