Harvest Fund Management Co. Ltd Lowers Holdings in Packaging Co. of America (NYSE:PKG)

Harvest Fund Management Co. Ltd lowered its position in Packaging Co. of America (NYSE:PKG) by 58.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 580 shares of the industrial products company’s stock after selling 821 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Packaging Co. of America were worth $125,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Ancora Advisors LLC increased its stake in shares of Packaging Co. of America by 5.1% during the first quarter. Ancora Advisors LLC now owns 5,109 shares of the industrial products company’s stock valued at $970,000 after buying an additional 250 shares during the period. Tidal Investments LLC grew its holdings in Packaging Co. of America by 19.7% during the 1st quarter. Tidal Investments LLC now owns 21,285 shares of the industrial products company’s stock worth $4,039,000 after acquiring an additional 3,507 shares in the last quarter. Wahed Invest LLC increased its position in Packaging Co. of America by 13.0% during the 1st quarter. Wahed Invest LLC now owns 1,719 shares of the industrial products company’s stock valued at $326,000 after purchasing an additional 198 shares during the period. Virtu Financial LLC raised its holdings in shares of Packaging Co. of America by 60.3% in the 1st quarter. Virtu Financial LLC now owns 5,300 shares of the industrial products company’s stock valued at $1,006,000 after purchasing an additional 1,993 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of Packaging Co. of America by 981.4% in the 1st quarter. Cetera Investment Advisers now owns 19,109 shares of the industrial products company’s stock worth $3,626,000 after purchasing an additional 17,342 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PKG has been the topic of several research reports. Truist Financial reissued a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Wells Fargo & Company boosted their price target on 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. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Citigroup lifted their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Packaging Co. of America currently has a consensus rating of “Hold” and a consensus price target of $221.60.

Insider Activity

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 value of $3,007,750.00. Following the transaction, the chief financial officer now owns 43,954 shares in the company, valued at approximately $10,576,211.48. This represents a 22.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul T. Stecko sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the transaction, the director now directly owns 8,881 shares of the company’s stock, valued at $2,175,045.71. This represents a 54.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,000 shares of company stock valued at $7,500,905. Company insiders own 1.60% of the company’s stock.

Packaging Co. of America Stock Down 0.4 %

Shares of PKG stock opened at $247.03 on Thursday. The stock’s fifty day moving average price is $226.17 and its 200 day moving average price is $203.56. Packaging Co. of America has a 1-year low of $156.87 and a 1-year high of $250.82. The company has a market cap of $22.18 billion, a price-to-earnings ratio of 28.79, a price-to-earnings-growth ratio of 3.47 and a beta of 0.76. 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 (NYSE:PKG) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The business 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 revenue was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.05 earnings per share. On average, research analysts expect that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

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.