BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stock Position in Packaging Co. of America (NYSE:PKG)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in shares of Packaging Co. of America (NYSE:PKG) by 12.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 14,982 shares of the industrial products company’s stock after selling 2,183 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Packaging Co. of America were worth $3,227,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Summit Financial Strategies Inc. increased its position in Packaging Co. of America by 5.5% during the second quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock valued at $42,809,000 after acquiring an additional 12,129 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Packaging Co. of America by 227.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,243 shares of the industrial products company’s stock worth $6,945,000 after purchasing an additional 22,397 shares during the period. M&G Plc bought a new stake in Packaging Co. of America in the second quarter worth about $840,000. Dai ichi Life Insurance Company Ltd lifted its stake in Packaging Co. of America by 10.5% in the second quarter. Dai ichi Life Insurance Company Ltd now owns 35,193 shares of the industrial products company’s stock worth $6,425,000 after purchasing an additional 3,355 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Packaging Co. of America by 22.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 33,401 shares of the industrial products company’s stock valued at $6,098,000 after buying an additional 6,184 shares during the period. Institutional investors own 89.78% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Truist Financial restated a “buy” rating and issued a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Citigroup lifted 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 report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped 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. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $221.60.

Packaging Co. of America Price Performance

Shares of PKG opened at $244.14 on Wednesday. The company has a 50 day moving average of $228.82 and a two-hundred day moving average of $205.39. The company has a market cap of $21.93 billion, a price-to-earnings ratio of 28.45, a price-to-earnings-growth ratio of 3.44 and a beta of 0.77. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a twelve month low of $159.57 and a twelve month high of $250.82.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data 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. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.05 EPS. As a group, analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

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 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 approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at $3,777,145. This represents a 33.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,000 shares of company stock valued at $7,500,905 over the last ninety days. Corporate insiders own 1.70% of the company’s stock.

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.