State of New Jersey Common Pension Fund D Cuts Stock Position in Packaging Co. of America (NYSE:PKG)

State of New Jersey Common Pension Fund D lowered its stake in Packaging Co. of America (NYSE:PKG) by 32.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,367 shares of the industrial products company’s stock after selling 15,017 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Packaging Co. of America were worth $5,726,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Securities Inc. purchased a new stake in Packaging Co. of America during the 4th quarter valued at $110,000. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Packaging Co. of America by 38.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,004 shares of the industrial products company’s stock worth $978,000 after buying an additional 1,662 shares during the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of Packaging Co. of America by 4.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 8,809 shares of the industrial products company’s stock worth $1,435,000 after buying an additional 370 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Packaging Co. of America by 18.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,364 shares of the industrial products company’s stock worth $874,000 after buying an additional 820 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Packaging Co. of America by 2.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 31,966 shares of the industrial products company’s stock worth $5,208,000 after buying an additional 727 shares during the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PKG shares. Wells Fargo & Company raised their price target on Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Truist Financial raised their price target on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Bank of America raised their price objective on Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Finally, Citigroup raised their price target on Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $190.50.

Insider Buying and Selling at Packaging Co. of America

In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the sale, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,177,680.00. Following the completion of the transaction, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Charles J. Carter sold 5,389 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of the transaction, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Packaging Co. of America Trading Up 0.9 %

Shares of NYSE:PKG opened at $210.27 on Monday. Packaging Co. of America has a 12-month low of $143.82 and a 12-month high of $211.90. The business’s fifty day simple moving average is $197.12 and its 200-day simple moving average is $187.69. The company has a market capitalization of $18.88 billion, a PE ratio of 26.28, a P/E/G ratio of 4.03 and a beta of 0.77. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.06. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period last year, the business posted $2.31 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. As a group, equities research analysts predict that Packaging Co. of America will post 8.72 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.38%. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

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.