Packaging Co. of America (NYSE:PKG) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp reduced its position in Packaging Co. of America (NYSE:PKG - Free Report) by 4.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,327 shares of the industrial products company's stock after selling 5,718 shares during the quarter. Peapack Gladstone Financial Corp owned about 0.13% of Packaging Co. of America worth $25,918,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Deseret Mutual Benefit Administrators grew its stake in Packaging Co. of America by 15.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company's stock worth $80,000 after purchasing an additional 49 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Packaging Co. of America by 1.4% in the second quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company's stock worth $704,000 after purchasing an additional 54 shares in the last quarter. Huntington National Bank grew its stake in Packaging Co. of America by 0.5% in the third quarter. Huntington National Bank now owns 10,075 shares of the industrial products company's stock worth $2,170,000 after purchasing an additional 55 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Packaging Co. of America by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company's stock worth $1,773,000 after purchasing an additional 56 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in Packaging Co. of America by 2.1% in the second quarter. Moors & Cabot Inc. now owns 2,689 shares of the industrial products company's stock worth $491,000 after purchasing an additional 56 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Paul T. Stecko sold 10,500 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The stock was 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 of the company's stock, valued at $2,175,045.71. The trade was a 54.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert P. Mundy sold 12,500 shares of the business's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.62, for a total value of $3,007,750.00. Following the sale, the chief financial officer now directly owns 43,954 shares in the company, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,300 shares of company stock valued at $8,064,152. Insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PKG. Citigroup lifted their price target 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. Truist Financial reiterated a "buy" rating and issued a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Wells Fargo & Company lifted their price target on Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. Finally, StockNews.com raised shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $221.60.

Packaging Co. of America Stock Performance

NYSE PKG traded down $0.99 during trading hours on Friday, reaching $238.10. The company's stock had a trading volume of 612,995 shares, compared to its average volume of 601,517. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The business has a 50-day simple moving average of $233.12 and a 200 day simple moving average of $208.37. Packaging Co. of America has a 52 week low of $159.57 and a 52 week high of $250.82. The stock has a market cap of $21.38 billion, a PE ratio of 27.86, a PEG ratio of 3.35 and a beta of 0.77.

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 earnings per share for the quarter, beating analysts' consensus estimates of $2.50 by $0.15. The company had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.05 earnings per share. Equities research analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th will be issued a dividend of $1.25 per share. The ex-dividend date is Friday, December 20th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.10%. Packaging Co. of America's dividend payout ratio (DPR) is presently 58.28%.

Packaging Co. of America Company 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.