Mackenzie Financial Corp Sells 357 Shares of Packaging Co. of America (NYSE:PKG)

Mackenzie Financial Corp cut its holdings in shares of Packaging Co. of America (NYSE:PKG) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,866 shares of the industrial products company’s stock after selling 357 shares during the quarter. Mackenzie Financial Corp’s holdings in Packaging Co. of America were worth $3,627,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co increased its holdings 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 worth $13,419,000 after purchasing an additional 3,078 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings 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 worth $17,168,000 after purchasing an additional 21,143 shares during the last quarter. Cim LLC bought a new stake in shares of Packaging Co. of America in the fourth quarter worth about $2,003,000. Summit Financial Strategies Inc. increased its holdings in shares of Packaging Co. of America by 5.5% in the second 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, DekaBank Deutsche Girozentrale increased its holdings in shares of Packaging Co. of America by 6.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock worth $41,839,000 after purchasing an additional 14,277 shares during the last quarter. 89.78% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, 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 transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, 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 transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction that occurred on 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 completion of 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 currently owned by insiders.

Packaging Co. of America Stock Down 0.0 %

Shares of NYSE:PKG opened at $215.35 on Wednesday. Packaging Co. of America has a 1 year low of $143.82 and a 1 year high of $217.69. The business has a 50 day simple moving average of $203.76 and a two-hundred day simple moving average of $190.25. The firm has a market capitalization of $19.34 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 4.23 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71.

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. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. Packaging Co. of America’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.31 earnings per share. On average, equities analysts predict that Packaging Co. of America will post 8.72 EPS for the current year.

Packaging Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company boosted their price objective 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. Citigroup boosted their price objective 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. Bank of America boosted their price objective on Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. Finally, Truist Financial boosted 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. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $190.50.

Packaging Co. of America 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.