Packaging Co. of America (NYSE:PKG) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in Packaging Co. of America (NYSE:PKG) by 8.4% during the third quarter, Holdings Channel.com reports. The fund owned 460,518 shares of the industrial products company’s stock after purchasing an additional 35,614 shares during the quarter. Principal Financial Group Inc.’s holdings in Packaging Co. of America were worth $99,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Dedication LLC grew its position in shares of Packaging Co. of America by 200.0% in the second 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 period. Central Pacific Bank Trust Division purchased a new position in Packaging Co. of America in the 3rd quarter valued at about $32,000. Tortoise Investment Management LLC acquired a new stake in Packaging Co. of America in the 2nd quarter worth about $33,000. Larson Financial Group LLC increased its stake in Packaging Co. of America by 234.7% during the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock worth $35,000 after buying an additional 115 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in shares of Packaging Co. of America during the second quarter valued at approximately $50,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Packaging Co. of America stock opened at $227.98 on Friday. The firm has a 50 day simple moving average of $234.92 and a 200-day simple moving average of $210.14. The stock has a market cap of $20.47 billion, a price-to-earnings ratio of 26.57, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77. 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 $159.57 and a 1-year high of $250.82.

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

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 20th will be issued a $1.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $5.00 annualized dividend and a yield of 2.19%. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.28%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Jefferies Financial Group upgraded Packaging Co. of America from a “hold” rating to a “buy” rating and boosted their price target for the stock from $215.00 to $280.00 in a research report on Wednesday. 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 report on Thursday, October 24th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Citigroup increased 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, Truist Financial restated a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.33.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.62, for a total value 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. The trade was a 22.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph Vaughn sold 2,300 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total value of $563,247.00. Following the transaction, the senior vice president now owns 9,197 shares in the company, valued at $2,252,253.33. This trade represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,300 shares of company stock worth $8,064,152. Company insiders own 1.60% of the company’s stock.

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.