Packaging Co. of America (NYSE:PKG) Stock Position Lifted by Assetmark Inc.

Assetmark Inc. boosted its stake in shares of Packaging Co. of America (NYSE:PKG) by 44.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 269 shares of the industrial products company’s stock after purchasing an additional 83 shares during the quarter. Assetmark Inc.’s holdings in Packaging Co. of America were worth $58,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Packaging Co. of America by 30.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock valued at $17,168,000 after purchasing an additional 21,143 shares in the last quarter. TIAA Trust National Association acquired a new stake in Packaging Co. of America during the 1st quarter worth about $264,000. Acadian Asset Management LLC lifted its stake in Packaging Co. of America by 4.5% during the first quarter. Acadian Asset Management LLC now owns 9,246 shares of the industrial products company’s stock valued at $1,753,000 after buying an additional 396 shares in the last quarter. UniSuper Management Pty Ltd lifted its position in shares of Packaging Co. of America by 446.5% in the 1st quarter. UniSuper Management Pty Ltd now owns 6,039 shares of the industrial products company’s stock valued at $1,146,000 after acquiring an additional 4,934 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in Packaging Co. of America by 12.9% in the 1st quarter. Bessemer Group Inc. now owns 2,654 shares of the industrial products company’s stock worth $504,000 after purchasing an additional 303 shares during the period. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Price Performance

Shares of PKG opened at $238.11 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The firm has a market cap of $21.38 billion, a PE ratio of 27.75, a PEG ratio of 3.31 and a beta of 0.76. Packaging Co. of America has a twelve month low of $148.50 and a twelve month high of $245.00. The firm’s 50 day moving average price is $221.90 and its 200 day moving average price is $200.74.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the prior year, the company posted $2.05 earnings per share. Packaging Co. of America’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, research analysts expect that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were given a dividend of $1.25 per share. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a yield of 2.10%. Packaging Co. of America’s payout ratio is currently 58.28%.

Insider Buying and Selling at Packaging Co. of America

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction dated 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 in the company, valued at $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value of $1,921,600.00. Following the completion of the sale, the senior vice president now directly owns 15,725 shares in the company, valued at approximately $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PKG shares. Wells Fargo & Company increased their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Citigroup increased their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Truist Financial reiterated a “buy” rating and issued a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Packaging Co. of America has an average rating of “Moderate Buy” and an average price target of $221.60.

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.