Beacon Harbor Wealth Advisors Inc. Acquires New Position in Packaging Co. of America (NYSE:PKG)

Beacon Harbor Wealth Advisors Inc. purchased a new stake in Packaging Co. of America (NYSE:PKG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 28,368 shares of the industrial products company's stock, valued at approximately $6,110,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norden Group LLC acquired a new stake in shares of Packaging Co. of America during the first quarter valued at about $530,000. Empirical Finance LLC raised its position in Packaging Co. of America by 3.4% in the first quarter. Empirical Finance LLC now owns 3,300 shares of the industrial products company's stock valued at $626,000 after purchasing an additional 108 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in Packaging Co. of America by 11.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,672 shares of the industrial products company's stock worth $1,266,000 after purchasing an additional 668 shares in the last quarter. AIA Group Ltd boosted its position in shares of Packaging Co. of America by 15.1% during the first quarter. AIA Group Ltd now owns 8,766 shares of the industrial products company's stock worth $1,664,000 after buying an additional 1,148 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Packaging Co. of America by 306.4% in the first quarter. SG Americas Securities LLC now owns 16,186 shares of the industrial products company's stock valued at $3,072,000 after buying an additional 12,203 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PKG. Citigroup increased their target price on Packaging Co. of America from $199.00 to $221.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their price target 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. StockNews.com cut shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a report on Friday, November 1st. Finally, Truist Financial reiterated a "buy" rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Packaging Co. of America currently has a consensus rating of "Hold" and an average target price of $221.60.

Packaging Co. of America Stock Up 0.5 %

Packaging Co. of America stock traded up $1.24 during trading on Friday, reaching $240.72. The stock had a trading volume of 644,382 shares, compared to its average volume of 600,896. 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 52-week low of $148.50 and a 52-week high of $245.00. The stock has a market cap of $21.62 billion, a PE ratio of 28.07, a P/E/G ratio of 3.42 and a beta of 0.76. The business has a 50 day moving average price of $217.31 and a 200 day moving average price of $197.25.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The company's revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.05 EPS. On average, analysts predict that Packaging Co. of America will post 9 EPS for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.08%. The ex-dividend date was Monday, September 16th. Packaging Co. of America's payout ratio is 58.28%.

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.