Victory Capital Management Inc. Decreases Holdings in Packaging Co. of America (NYSE:PKG)

Victory Capital Management Inc. lowered its position in Packaging Co. of America (NYSE:PKG - Free Report) by 25.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,131,947 shares of the industrial products company's stock after selling 721,470 shares during the period. Packaging Co. of America accounts for approximately 0.4% of Victory Capital Management Inc.'s portfolio, making the stock its 29th largest position. Victory Capital Management Inc. owned 2.37% of Packaging Co. of America worth $459,221,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. CANADA LIFE ASSURANCE Co lifted its position in shares of Packaging Co. of America by 4.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company's stock valued at $13,419,000 after acquiring an additional 3,078 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in Packaging Co. of America by 30.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company's stock valued at $17,168,000 after purchasing an additional 21,143 shares in the last quarter. Summit Financial Strategies Inc. increased its stake in Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company's stock valued at $42,809,000 after purchasing an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Packaging Co. of America by 6.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company's stock valued at $41,839,000 after purchasing an additional 14,277 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in Packaging Co. of America by 10.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company's stock valued at $20,678,000 after purchasing an additional 10,516 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. StockNews.com upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a research note on Tuesday. Truist Financial reiterated a "buy" rating and issued a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Wells Fargo & Company upped their target price on shares of 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, Citigroup boosted their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Packaging Co. of America currently has an average rating of "Moderate Buy" and an average price target of $221.60.

Insider Activity

In other news, CFO Robert P. Mundy sold 12,500 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the completion of the transaction, the chief financial officer now directly owns 43,954 shares in the company, valued at approximately $10,576,211.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

Packaging Co. of America Stock Performance

NYSE PKG traded down $1.68 during trading on Tuesday, hitting $239.81. 434,782 shares of the company's stock traded hands, compared to its average volume of 601,480. The stock has a market capitalization of $21.54 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 3.40 and a beta of 0.76. Packaging Co. of America has a 12-month low of $148.50 and a 12-month high of $245.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The business has a 50 day moving average of $218.57 and a 200-day moving average of $198.53.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its quarterly 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 19.35%. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the prior year, the firm posted $2.05 earnings per share. The company's revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities research analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were given a $1.25 dividend. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.08%. Packaging Co. of America's dividend payout ratio (DPR) is currently 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.