Rockland Trust Co. Takes $376,000 Position in Packaging Co. of America (NYSE:PKG)

Rockland Trust Co. bought a new stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 1,671 shares of the industrial products company's stock, valued at approximately $376,000.

Several other hedge funds have also modified their holdings of PKG. Stifel Financial Corp increased its holdings in Packaging Co. of America by 1,462.2% during the 3rd quarter. Stifel Financial Corp now owns 573,073 shares of the industrial products company's stock worth $123,440,000 after purchasing an additional 536,389 shares during the last quarter. Millennium Management LLC increased its holdings in Packaging Co. of America by 34.3% during the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company's stock worth $187,596,000 after purchasing an additional 262,315 shares during the last quarter. AQR Capital Management LLC increased its holdings in Packaging Co. of America by 164.3% during the 2nd quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock worth $73,272,000 after purchasing an additional 249,483 shares during the last quarter. International Assets Investment Management LLC increased its holdings in Packaging Co. of America by 41,151.7% during the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company's stock worth $33,499,000 after purchasing an additional 155,142 shares during the last quarter. Finally, Two Sigma Advisers LP increased its holdings in Packaging Co. of America by 218.1% during the 3rd quarter. Two Sigma Advisers LP now owns 207,700 shares of the industrial products company's stock worth $44,739,000 after purchasing an additional 142,400 shares during the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PKG. Truist Financial boosted their price target on Packaging Co. of America from $252.00 to $282.00 and gave the company a "buy" rating in a report on Monday, January 6th. Citigroup boosted their price target on Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a report on Monday, January 6th. Jefferies Financial Group upgraded Packaging Co. of America from a "hold" rating to a "buy" rating and boosted their price target for the company from $215.00 to $280.00 in a report on Wednesday, December 18th. StockNews.com upgraded Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. Finally, Wells Fargo & Company boosted their price target on Packaging Co. of America from $235.00 to $253.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $238.67.

Insiders Place Their Bets

In other news, CFO Robert P. Mundy sold 12,500 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the completion of the sale, the chief financial officer now directly owns 43,954 shares of the company's stock, valued at $10,576,211.48. This trade represents a 22.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the business's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total value of $1,921,600.00. Following the sale, the senior vice president now directly owns 15,725 shares in the company, valued at $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,300 shares of company stock worth $8,064,152. 1.70% of the stock is owned by corporate insiders.

Packaging Co. of America Stock Performance

PKG stock traded down $0.06 during trading on Thursday, reaching $235.14. 895,320 shares of the company's stock were exchanged, compared to its average volume of 869,922. 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 has a 1-year low of $159.57 and a 1-year high of $250.82. The company's fifty day moving average price is $235.84 and its 200-day moving average price is $216.08. The firm has a market cap of $21.12 billion, a PE ratio of 27.41, a P/E/G ratio of 2.24 and a beta of 0.79.

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 return on equity of 19.10% and a net margin of 9.46%. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the previous year, the firm posted $2.05 EPS. The firm's quarterly revenue was up 14.9% on a year-over-year basis. On average, research analysts expect that Packaging Co. of America will post 9.08 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 20th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, December 20th. Packaging Co. of America's payout ratio is currently 58.28%.

About Packaging Co. of America

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.