Shulman DeMeo Asset Management LLC Sells 84 Shares of Packaging Co. of America (NYSE:PKG)

Shulman DeMeo Asset Management LLC cut its holdings in Packaging Co. of America (NYSE:PKG) by 5.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,372 shares of the industrial products company’s stock after selling 84 shares during the period. Shulman DeMeo Asset Management LLC’s holdings in Packaging Co. of America were worth $296,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co raised its position in shares of Packaging Co. of America by 4.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after acquiring an additional 3,078 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Packaging Co. of America by 30.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock worth $17,168,000 after acquiring an additional 21,143 shares in the last quarter. Summit Financial Strategies Inc. raised its position in shares of Packaging Co. of America by 5.5% in the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after acquiring an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Packaging Co. of America by 6.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock worth $41,839,000 after acquiring an additional 14,277 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Packaging Co. of America by 10.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock valued at $20,678,000 after buying an additional 10,516 shares during the period. 89.78% of the stock is owned by institutional investors.

Packaging Co. of America Stock Up 0.4 %

PKG stock traded up $0.82 during mid-day trading on Tuesday, reaching $220.80. 558,326 shares of the company traded hands, compared to its average volume of 595,809. The stock has a market cap of $19.83 billion, a price-to-earnings ratio of 27.50, a P/E/G ratio of 4.25 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. Packaging Co. of America has a fifty-two week low of $143.82 and a fifty-two week high of $222.76. The firm’s 50 day moving average price is $207.13 and its 200 day moving average price is $192.12.

Packaging Co. of America (NYSE:PKG) last released 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 business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.02 billion. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The company’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 EPS. As a group, equities research analysts predict that Packaging Co. of America will post 8.73 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The company 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 of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.26%. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Bank of America raised 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. Citigroup raised their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Truist Financial raised their target price on Packaging Co. of America from $219.00 to $242.00 and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company raised their target price on Packaging Co. of America from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Finally, StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Saturday, September 28th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $203.33.

Insiders Place Their Bets

In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at $5,012,794.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America 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 $1,177,680.00. Following the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America 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 $1,057,752.92. Following the completion of the sale, the executive vice president now directly owns 25,539 shares in the company, valued at $5,012,794.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

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.