Packaging Co. of America (NYSE:PKG) Shares Bought by ING Groep NV

ING Groep NV increased its stake in Packaging Co. of America (NYSE:PKG) by 129.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 128,462 shares of the industrial products company’s stock after buying an additional 72,567 shares during the quarter. ING Groep NV’s holdings in Packaging Co. of America were worth $27,671,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. CANADA LIFE ASSURANCE Co boosted 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 purchasing an additional 3,078 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Packaging Co. of America by 30.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock worth $17,168,000 after acquiring an additional 21,143 shares in the last quarter. Summit Financial Strategies Inc. lifted its stake in shares of Packaging Co. of America by 5.5% in the second quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after acquiring an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake 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 valued at $41,839,000 after purchasing an additional 14,277 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in Packaging Co. of America by 10.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock worth $20,678,000 after purchasing an additional 10,516 shares during the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 43,954 shares of the company’s stock, valued at $10,576,211.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup boosted 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 report on Wednesday, October 2nd. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday. 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 note on Thursday, October 24th. Finally, Truist Financial reiterated a “buy” rating and set a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and an average target price of $221.60.

Packaging Co. of America Stock Performance

Shares of NYSE PKG traded down $2.19 during midday trading on Thursday, hitting $236.15. 99,665 shares of the company’s stock were exchanged, compared to its average volume of 598,742. Packaging Co. of America has a twelve month low of $148.50 and a twelve month high of $245.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The firm has a market cap of $21.21 billion, a P/E ratio of 27.50, a PEG ratio of 3.37 and a beta of 0.76. The stock’s 50 day moving average price is $219.92 and its 200-day moving average price is $199.27.

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

Packaging Co. of America Dividend Announcement

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

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.