MetLife Investment Management LLC Has $4.99 Million Stake in Packaging Co. of America (NYSE:PKG)

MetLife Investment Management LLC lowered its position in Packaging Co. of America (NYSE:PKG) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,174 shares of the industrial products company’s stock after selling 592 shares during the quarter. MetLife Investment Management LLC’s holdings in Packaging Co. of America were worth $4,992,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Asset Dedication LLC grew its holdings 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 worth $31,000 after purchasing an additional 112 shares during the period. Central Pacific Bank Trust Division bought a new position in shares of Packaging Co. of America during the 3rd quarter worth approximately $32,000. Tortoise Investment Management LLC acquired a new position in shares of Packaging Co. of America during the 2nd quarter worth approximately $33,000. Larson Financial Group LLC raised its stake 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 acquiring an additional 115 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new stake in Packaging Co. of America during the 2nd quarter valued at $50,000. Institutional investors own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PKG shares. Citigroup upped their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Truist Financial restated a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Finally, Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $221.60.

Packaging Co. of America Stock Performance

NYSE PKG opened at $248.85 on Monday. The firm has a 50-day moving average price of $228.21 and a two-hundred day moving average price of $204.79. Packaging Co. of America has a 12-month low of $159.57 and a 12-month high of $250.82. The company has a market capitalization of $22.35 billion, a P/E ratio of 29.00, a P/E/G ratio of 3.49 and a beta of 0.76. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the previous year, the company posted $2.05 earnings per share. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current year.

Insider Transactions at Packaging Co. of America

In related news, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the sale, the director now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the transaction, the senior vice president now owns 15,725 shares of the company’s stock, 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. In the last three months, insiders have sold 31,000 shares of company stock valued at $7,500,905. 1.60% of the stock is owned by corporate insiders.

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.