Geode Capital Management LLC grew its stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,337,296 shares of the industrial products company's stock after acquiring an additional 12,936 shares during the period. Geode Capital Management LLC owned 2.60% of Packaging Co. of America worth $501,896,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. State Street Corp lifted its holdings in Packaging Co. of America by 3.2% during the 3rd quarter. State Street Corp now owns 3,948,546 shares of the industrial products company's stock worth $855,212,000 after purchasing an additional 123,050 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Packaging Co. of America by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company's stock worth $632,654,000 after buying an additional 98,223 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Packaging Co. of America by 1.5% in the second quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company's stock valued at $520,920,000 after acquiring an additional 41,903 shares during the period. Dimensional Fund Advisors LP grew its stake in Packaging Co. of America by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company's stock valued at $210,636,000 after acquiring an additional 86,005 shares in the last quarter. Finally, FMR LLC increased its holdings in Packaging Co. of America by 3.4% during the 3rd quarter. FMR LLC now owns 1,076,350 shares of the industrial products company's stock worth $231,846,000 after acquiring an additional 35,827 shares during the period. 89.78% of the stock is owned by institutional investors.
Packaging Co. of America Price Performance
PKG stock traded down $0.88 during mid-day trading on Friday, hitting $238.21. 851,532 shares of the stock were exchanged, compared to its average volume of 602,469. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The stock has a market capitalization of $21.39 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 3.35 and a beta of 0.77. The business has a fifty day moving average price of $233.62 and a 200 day moving average price of $208.74. Packaging Co. of America has a 12 month low of $159.57 and a 12 month high of $250.82.
Packaging Co. of America (NYSE:PKG - Get Free Report) last issued its earnings results 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 analyst estimates of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. Packaging Co. of America's revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 earnings per share. On average, sell-side analysts anticipate that Packaging Co. of America will post 9.07 EPS for the current year.
Packaging Co. of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Friday, December 20th. Packaging Co. of America's dividend payout ratio is presently 58.28%.
Analyst Ratings Changes
Several brokerages have commented on PKG. StockNews.com raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on 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. Citigroup raised their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Finally, Truist Financial reissued a "buy" rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Packaging Co. of America has an average rating of "Moderate Buy" and a consensus price target of $221.60.
View Our Latest Stock Analysis on Packaging Co. of America
Insider Buying and Selling at Packaging Co. of America
In related news, SVP Donald R. Shirley sold 8,000 shares of the company's stock in a transaction 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 completion of the sale, the senior vice president now directly owns 15,725 shares in the company, valued at $3,777,145. This represents a 33.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Robert P. Mundy sold 12,500 shares of the firm's stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 43,954 shares in the company, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,300 shares of company stock worth $8,064,152 over the last three months. Company insiders own 1.60% of the company's stock.
About Packaging Co. of America
(
Free Report)
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.
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