M&T Bank Corp decreased its position in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 0.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,143 shares of the industrial products company’s stock after selling 93 shares during the quarter. M&T Bank Corp owned about 0.07% of Packaging Co. of America worth $13,171,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of PKG. Asset Dedication LLC lifted its stake in 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 valued at $31,000 after buying an additional 112 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Packaging Co. of America in the third quarter valued at approximately $32,000. Tortoise Investment Management LLC bought a new position in Packaging Co. of America in the second quarter valued at approximately $33,000. Larson Financial Group LLC lifted its stake in Packaging Co. of America by 234.7% in the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after buying an additional 115 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in Packaging Co. of America in the second quarter valued at approximately $50,000. Institutional investors own 89.78% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on PKG shares. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Truist Financial reissued a “buy” rating and issued a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Wells Fargo & Company boosted their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Citigroup boosted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Packaging Co. of America presently has an average rating of “Moderate Buy” and an average target price of $221.60.
Packaging Co. of America Price Performance
NYSE:PKG opened at $238.23 on Wednesday. Packaging Co. of America has a one year low of $159.57 and a one year high of $250.82. The company has a market cap of $21.39 billion, a P/E ratio of 27.77, a P/E/G ratio of 3.41 and a beta of 0.77. The firm’s fifty day moving average price is $232.07 and its two-hundred day moving average price is $207.94. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98.
Packaging Co. of America (NYSE:PKG – Get Free Report) last released its quarterly 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. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate 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 was up 14.9% compared to the same quarter last year. Equities analysts expect that Packaging Co. of America will post 9.07 earnings per share for the current year.
Packaging Co. of America Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 20th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.10%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 58.28%.
Insider Activity at Packaging Co. of America
In related news, SVP Joseph Vaughn sold 2,300 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total transaction of $563,247.00. Following the completion of the sale, the senior vice president now owns 9,197 shares of the company’s stock, valued at $2,252,253.33. This represents a 20.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 33,300 shares of company stock worth $8,064,152. Corporate 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.
Featured Articles
- Five stocks we like better than Packaging Co. of America
- What Investors Need to Know About Upcoming IPOs
- Survey Reveals: Which States Saw the Biggest Investment Gains in 2024?
- Comparing and Trading High PE Ratio Stocks
- Amazon’s Healthcare Gamble: A New Era of Medical Disruption
- 3 Best Fintech Stocks for a Portfolio Boost
- Semiconductor Giant Synopsys Slides 14% — Time to Take Notice
Receive News & Ratings for Packaging Co. of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Co. of America and related companies with MarketBeat.com's FREE daily email newsletter.