Retirement Systems of Alabama Decreases Stock Holdings in Packaging Co. of America (NYSE:PKG)

Retirement Systems of Alabama lessened its stake in Packaging Co. of America (NYSE:PKG - Free Report) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 218,688 shares of the industrial products company's stock after selling 18,944 shares during the quarter. Retirement Systems of Alabama owned approximately 0.24% of Packaging Co. of America worth $47,105,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Summit Financial Strategies Inc. increased its stake in shares of Packaging Co. of America by 5.5% during the second quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company's stock worth $42,809,000 after purchasing an additional 12,129 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Packaging Co. of America by 227.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,243 shares of the industrial products company's stock worth $6,945,000 after buying an additional 22,397 shares in the last quarter. Dai ichi Life Insurance Company Ltd raised its holdings in shares of Packaging Co. of America by 10.5% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 35,193 shares of the industrial products company's stock valued at $6,425,000 after acquiring an additional 3,355 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Packaging Co. of America by 22.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 33,401 shares of the industrial products company's stock valued at $6,098,000 after acquiring an additional 6,184 shares during the last quarter. Finally, Citigroup Inc. lifted its position in shares of Packaging Co. of America by 30.7% in the third quarter. Citigroup Inc. now owns 115,005 shares of the industrial products company's stock valued at $24,772,000 after acquiring an additional 27,018 shares in the last quarter. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Trading Down 0.4 %

NYSE:PKG traded down $0.99 on Friday, reaching $238.10. The company's stock had a trading volume of 851,555 shares, compared to its average volume of 602,469. Packaging Co. of America has a 12-month low of $159.57 and a 12-month high of $250.82. The stock has a 50 day moving average price of $233.62 and a 200 day moving average price of $208.74. The firm has a market cap of $21.38 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 3.35 and a beta of 0.77. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. Packaging Co. of America's revenue was up 14.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.05 EPS. On average, equities analysts anticipate that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed 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 dividend yield of 2.10%. Packaging Co. of America's payout ratio is currently 58.28%.

Insider Activity at Packaging Co. of America

In other news, SVP Joseph Vaughn sold 2,300 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total transaction of $563,247.00. Following the sale, the senior vice president now owns 9,197 shares of the company's stock, valued at approximately $2,252,253.33. This represents a 20.01 % 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 the SEC website. Also, 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 transaction of $3,007,750.00. Following the completion of the transaction, the chief financial officer now directly owns 43,954 shares of the company's stock, 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. In the last quarter, insiders sold 33,300 shares of company stock worth $8,064,152. Insiders own 1.60% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PKG. Wells Fargo & Company boosted their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. Citigroup boosted their target price on Packaging Co. of America from $199.00 to $221.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Truist Financial reaffirmed a "buy" rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Finally, StockNews.com raised Packaging Co. of America from a "hold" rating to a "buy" rating in a research note on Saturday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Packaging Co. of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $221.60.

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.