Conning Inc. Makes New $32.33 Million Investment in Packaging Co. of America (NYSE:PKG)

Conning Inc. bought a new position in shares of Packaging Co. of America (NYSE:PKG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 143,602 shares of the industrial products company's stock, valued at approximately $32,329,000. Conning Inc. owned approximately 0.16% of Packaging Co. of America as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC boosted its stake in shares of Packaging Co. of America by 234.7% during the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company's stock worth $35,000 after acquiring an additional 115 shares in the last quarter. Fortitude Family Office LLC boosted its stake in shares of Packaging Co. of America by 150.8% during the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company's stock worth $37,000 after acquiring an additional 98 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Packaging Co. of America during the 4th quarter worth about $48,000. Assetmark Inc. boosted its stake in shares of Packaging Co. of America by 44.6% during the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company's stock worth $58,000 after acquiring an additional 83 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in Packaging Co. of America in the 3rd quarter valued at about $64,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Price Performance

PKG stock traded down $3.75 during mid-day trading on Wednesday, reaching $204.50. The company's stock had a trading volume of 952,880 shares, compared to its average volume of 944,692. The stock has a market cap of $18.37 billion, a PE ratio of 22.90, a P/E/G ratio of 2.40 and a beta of 0.77. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a fifty-two week low of $163.68 and a fifty-two week high of $250.82. The company's 50 day moving average is $228.12 and its two-hundred day moving average is $221.30.

Packaging Co. of America (NYSE:PKG - Get Free Report) last released its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 EPS for the quarter, missing analysts' consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. Equities research analysts expect that Packaging Co. of America will post 10.6 EPS for the current year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th were issued a dividend of $1.25 per share. The ex-dividend date was Friday, December 20th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.44%. Packaging Co. of America's dividend payout ratio is currently 55.99%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PKG. StockNews.com lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Wednesday, January 29th. Citigroup raised their price target on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a research note on Monday, January 6th. Jefferies Financial Group raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating and raised their price target for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Truist Financial reaffirmed a "buy" rating and issued a $265.00 price target (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Finally, Wells Fargo & Company decreased their price target on shares of Packaging Co. of America from $253.00 to $236.00 and set an "overweight" rating on the stock in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Packaging Co. of America presently has a consensus rating of "Moderate Buy" and an average price target of $233.00.

Insider Transactions at Packaging Co. of America

In other Packaging Co. of America news, Director Paul T. Stecko sold 10,500 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the completion of the transaction, the director now owns 8,881 shares of the company's stock, valued at $2,175,045.71. This trade represents a 54.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Joseph Vaughn sold 2,300 shares of the firm's stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 9,197 shares of the company's stock, valued at $2,252,253.33. This represents a 20.01 % 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 Company Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.