Point72 Hong Kong Ltd Buys New Position in Packaging Co. of America (NYSE:PKG)

Point72 Hong Kong Ltd purchased a new position in Packaging Co. of America (NYSE:PKG - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,638 shares of the industrial products company's stock, valued at approximately $784,000.

Other large investors also recently bought and sold shares of the company. Erste Asset Management GmbH acquired a new stake in shares of Packaging Co. of America during the third quarter valued at about $6,493,000. Edgestream Partners L.P. boosted its holdings in Packaging Co. of America by 156.4% in the third quarter. Edgestream Partners L.P. now owns 24,608 shares of the industrial products company's stock valued at $5,301,000 after purchasing an additional 15,009 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in Packaging Co. of America by 119.5% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 50,758 shares of the industrial products company's stock valued at $10,933,000 after purchasing an additional 27,637 shares in the last quarter. Captrust Financial Advisors increased its holdings in Packaging Co. of America by 1.2% during the 3rd quarter. Captrust Financial Advisors now owns 19,631 shares of the industrial products company's stock worth $4,229,000 after purchasing an additional 227 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in shares of Packaging Co. of America by 6.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 88,122 shares of the industrial products company's stock valued at $18,976,000 after purchasing an additional 5,517 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company's stock.

Insider Buying and Selling

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 sale, the director now owns 8,881 shares in the company, valued at approximately $2,175,045.71. This trade represents a 54.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America 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 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 31,000 shares of company stock worth $7,500,905 in the last three months. 1.70% of the stock is owned by insiders.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock traded down $0.66 during trading hours on Tuesday, reaching $244.14. The company's stock had a trading volume of 495,982 shares, compared to its average volume of 600,673. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a one year low of $159.57 and a one year high of $250.82. The company's 50 day simple moving average is $228.82 and its 200 day simple moving average is $205.39. The stock has a market cap of $21.93 billion, a P/E ratio of 28.45, a price-to-earnings-growth ratio of 3.44 and a beta of 0.77.

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 EPS for the quarter, beating analysts' consensus estimates of $2.50 by $0.15. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.05 earnings per share. As a group, analysts expect that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PKG shares. Truist Financial reissued a "buy" rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Wells Fargo & Company raised their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. StockNews.com upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a research note on Tuesday. Finally, 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. Three equities 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, Packaging Co. of America currently has an average rating of "Moderate Buy" and an average target price of $221.60.

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.