GAMMA Investing LLC increased its stake in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 24.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,431 shares of the industrial products company’s stock after purchasing an additional 473 shares during the period. GAMMA Investing LLC’s holdings in Packaging Co. of America were worth $547,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Asset Dedication LLC lifted its holdings in shares of Packaging Co. of America by 200.0% in the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after buying an additional 112 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in Packaging Co. of America in the 3rd quarter worth approximately $32,000. Larson Financial Group LLC boosted its holdings in Packaging Co. of America by 234.7% in the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 115 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of Packaging Co. of America during the 2nd quarter valued at $50,000. Finally, Assetmark Inc. increased its holdings in shares of Packaging Co. of America by 44.6% in the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 83 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.
Insider Activity at Packaging Co. of America
In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction on 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 owns 43,954 shares of the company’s stock, valued at $10,576,211.48. This represents a 22.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul T. Stecko sold 10,500 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 8,881 shares in the company, valued at approximately $2,175,045.71. This trade represents a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,300 shares of company stock worth $8,064,152 in the last ninety days. 1.60% of the stock is owned by company insiders.
Packaging Co. of America Stock Up 0.3 %
Packaging Co. of America (NYSE:PKG – Get Free Report) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 EPS. As a group, analysts expect that Packaging Co. of America will post 9.07 EPS for the current fiscal year.
Packaging Co. of America Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, December 20th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 58.28%.
Analyst Upgrades and Downgrades
PKG has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Truist Financial reiterated a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating and upped their price objective for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. Citigroup lifted their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $231.33.
Get Our Latest Report on Packaging Co. of America
Packaging Co. of America Company Profile
Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.
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