Principal Financial Group Inc. lifted its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 8.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 460,518 shares of the industrial products company's stock after buying an additional 35,614 shares during the period. Principal Financial Group Inc. owned about 0.51% of Packaging Co. of America worth $99,194,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of PKG. Asset Dedication LLC raised its position 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 acquiring an additional 112 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Packaging Co. of America in the 3rd quarter valued at about $32,000. Tortoise Investment Management LLC acquired a new stake in shares of Packaging Co. of America in the 2nd quarter worth approximately $33,000. Larson Financial Group LLC boosted its position in 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 worth $35,000 after purchasing an additional 115 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in shares of Packaging Co. of America during the 2nd quarter worth $50,000. 89.78% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, SVP Joseph Vaughn sold 2,300 shares of the business's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total transaction of $563,247.00. Following the transaction, the senior vice president now directly owns 9,197 shares of the company's stock, valued at approximately $2,252,253.33. The trade was a 20.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the firm'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 sale, the senior vice president now directly owns 15,725 shares of the company's stock, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,300 shares of company stock valued at $8,064,152. Company insiders own 1.60% of the company's stock.
Packaging Co. of America Trading Up 0.2 %
Shares of Packaging Co. of America stock traded up $0.52 during trading hours on Friday, reaching $227.98. The stock had a trading volume of 1,955,428 shares, compared to its average volume of 611,408. The firm has a market capitalization of $20.47 billion, a price-to-earnings ratio of 26.57, a P/E/G ratio of 3.34 and a beta of 0.77. Packaging Co. of America has a 1 year low of $159.57 and a 1 year high of $250.82. 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 firm has a 50 day simple moving average of $235.12 and a two-hundred day simple moving average of $210.46.
Packaging Co. of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the firm posted $2.05 earnings per share. Packaging Co. of America's revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Packaging Co. of America will post 9.07 earnings per share 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. Investors of record on Friday, December 20th will be given 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 yield of 2.19%. Packaging Co. of America's dividend payout ratio (DPR) is 58.28%.
Wall Street Analyst Weigh In
Several analysts have commented on PKG shares. Citigroup lifted their target price on shares of 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. Wells Fargo & Company lifted their price objective on Packaging Co. of America from $235.00 to $253.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. StockNews.com upgraded Packaging Co. of America from a "hold" rating to a "buy" rating in a research report on Saturday, December 14th. Jefferies Financial Group upgraded Packaging Co. of America from a "hold" rating to a "buy" rating and lifted their price target for the company from $215.00 to $280.00 in a report on Wednesday. Finally, Truist Financial reiterated a "buy" rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $231.33.
Check Out Our Latest Analysis on PKG
Packaging Co. of America Company Profile
(
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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