Packaging Co. of America (NYSE:PKG) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its holdings in shares of Packaging Co. of America (NYSE:PKG) by 33.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,115 shares of the industrial products company’s stock after selling 8,988 shares during the period. Amalgamated Bank’s holdings in Packaging Co. of America were worth $3,307,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PKG. Register Financial Advisors LLC acquired a new position in Packaging Co. of America during the 1st quarter worth $25,000. Neo Ivy Capital Management bought a new stake in Packaging Co. of America in the fourth quarter valued at about $28,000. Asset Dedication LLC raised its stake in Packaging Co. of America by 200.0% during the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after buying an additional 112 shares in the last quarter. Tortoise Investment Management LLC bought a new position in Packaging Co. of America during the 2nd quarter worth approximately $33,000. Finally, Headlands Technologies LLC acquired a new position in shares of Packaging Co. of America in the 1st quarter worth approximately $43,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $214.50 on Tuesday. The firm’s 50 day moving average is $201.00 and its two-hundred day moving average is $188.98. The firm has a market capitalization of $19.26 billion, a P/E ratio of 26.81, a PEG ratio of 4.22 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 has a 52 week low of $143.82 and a 52 week high of $217.69.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS 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 firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the firm earned $2.31 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. Analysts anticipate that Packaging Co. of America will post 8.72 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be given a $1.25 dividend. The ex-dividend date is Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a yield of 2.33%. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

Insider Buying and Selling at Packaging Co. of America

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

Analyst Upgrades and Downgrades

PKG has been the topic of several research analyst reports. Truist Financial raised their price objective on Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company lifted their price target on shares of Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Citigroup increased their price objective on shares of 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. Bank of America lifted their target price 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, StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and an average target price of $190.50.

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.