Moors & Cabot Inc. Acquires 56 Shares of Packaging Co. of America (NYSE:PKG)

Moors & Cabot Inc. grew its stake in shares of Packaging Co. of America (NYSE:PKG) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,689 shares of the industrial products company’s stock after purchasing an additional 56 shares during the quarter. Moors & Cabot Inc.’s holdings in Packaging Co. of America were worth $491,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co raised its position 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 increased 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 valued at $17,168,000 after buying an additional 21,143 shares during the period. Cim LLC bought a new position in shares of Packaging Co. of America during the fourth quarter valued at $2,003,000. Summit Financial Strategies Inc. raised its position in Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after purchasing an additional 12,129 shares during the last quarter. Finally, AXS Investments LLC bought a new position in shares of Packaging Co. of America during the fourth quarter worth about $766,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PKG has been the topic of several recent analyst reports. Citigroup boosted their target price on shares of Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Bank of America increased their target price on Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 17th. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Thursday. Wells Fargo & Company upped their target price on shares of 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. Finally, Truist Financial increased their price objective on shares of Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $190.50.

Insiders Place Their Bets

In other news, EVP Charles J. Carter sold 5,389 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Charles J. Carter sold 5,389 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now 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. Corporate insiders own 1.60% of the company’s stock.

Packaging Co. of America Price Performance

NYSE PKG opened at $215.58 on Friday. The company has a market cap of $19.36 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 4.10 and a beta of 0.77. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The firm’s 50-day simple moving average is $199.22 and its two-hundred day simple moving average is $188.32. Packaging Co. of America has a 52 week low of $143.82 and a 52 week high of $217.69.

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 for the quarter, beating the consensus estimate 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 company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the business earned $2.31 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. Research analysts predict that Packaging Co. of America will post 8.72 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.32%. Packaging Co. of America’s payout ratio is currently 62.50%.

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.