Principal Street Partners LLC Sells 8,789 Shares of Packaging Co. of America (NYSE:PKG)

Principal Street Partners LLC reduced its stake in Packaging Co. of America (NYSE:PKG - Free Report) by 23.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,875 shares of the industrial products company's stock after selling 8,789 shares during the period. Principal Street Partners LLC's holdings in Packaging Co. of America were worth $6,218,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Central Pacific Bank Trust Division bought a new position in Packaging Co. of America in the 3rd quarter worth approximately $32,000. Larson Financial Group LLC raised its stake in shares of Packaging Co. of America by 234.7% during the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 115 shares in the last quarter. Asset Dedication LLC lifted its holdings 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 worth $31,000 after purchasing an additional 112 shares during the period. Tortoise Investment Management LLC bought a new position in shares of Packaging Co. of America in the second quarter valued at approximately $33,000. Finally, Assetmark Inc. increased its position 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 valued at $58,000 after purchasing an additional 83 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Packaging Co. of America news, Director Paul T. Stecko sold 10,500 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the sale, the director now directly owns 8,881 shares of the company's stock, valued at approximately $2,175,045.71. This represents a 54.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction that occurred 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 transaction, the senior vice president now owns 15,725 shares of the company's stock, valued at $3,777,145. This trade represents a 33.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,000 shares of company stock worth $7,500,905. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Truist Financial reaffirmed a "buy" rating and issued a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Citigroup lifted their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a research note on Wednesday, October 2nd. Finally, StockNews.com lowered shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $221.60.

Packaging Co. of America Stock Performance

Shares of NYSE:PKG traded up $0.83 during midday trading on Tuesday, hitting $248.11. The company's stock had a trading volume of 546,838 shares, compared to its average volume of 603,165. Packaging Co. of America has a fifty-two week low of $153.58 and a fifty-two week high of $250.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The stock has a market capitalization of $22.28 billion, a price-to-earnings ratio of 28.89, a PEG ratio of 3.46 and a beta of 0.76. The stock's 50 day simple moving average is $225.48 and its 200 day simple moving average is $203.08.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $2.09 billion. During the same quarter in the previous year, the firm posted $2.05 earnings per share. Packaging Co. of America's revenue was up 14.9% compared to the same quarter last year. As a group, research analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current year.

About Packaging Co. of America

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.