Strategy Asset Managers LLC Purchases New Shares in Packaging Co. of America (NYSE:PKG)

Strategy Asset Managers LLC bought a new position in Packaging Co. of America (NYSE:PKG - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,532 shares of the industrial products company's stock, valued at approximately $761,000.

Other hedge funds also recently made changes to their positions in the company. Boston Partners raised its holdings in shares of Packaging Co. of America by 49.3% during the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company's stock worth $274,421,000 after acquiring an additional 477,487 shares in the last quarter. Millennium Management LLC raised its stake in Packaging Co. of America by 34.3% during the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company's stock valued at $187,596,000 after purchasing an additional 262,315 shares in the last quarter. AQR Capital Management LLC lifted its position in Packaging Co. of America by 164.3% during the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock valued at $73,272,000 after purchasing an additional 249,483 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Packaging Co. of America by 41,151.7% in 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 buying an additional 155,142 shares during the last quarter. Finally, Mizuho Securities USA LLC raised its position in shares of Packaging Co. of America by 1,800.2% during the 3rd quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company's stock valued at $28,128,000 after buying an additional 123,711 shares in the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Trading Up 1.2 %

Shares of NYSE:PKG traded up $2.85 during trading on Wednesday, reaching $241.16. 429,248 shares of the company were exchanged, compared to its average volume of 599,263. The business's fifty day simple moving average is $222.57 and its 200-day simple moving average is $201.18. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a 12-month low of $151.74 and a 12-month high of $248.62. The firm has a market capitalization of $21.66 billion, a PE ratio of 27.78, a P/E/G ratio of 3.31 and a beta of 0.76.

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 earnings per share for the quarter, beating 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 business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the previous year, the company posted $2.05 EPS. Packaging Co. of America's revenue was up 14.9% on a year-over-year basis. On average, research analysts anticipate that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America's dividend payout ratio (DPR) is currently 58.28%.

Insiders Place Their Bets

In other news, SVP Donald R. Shirley sold 8,000 shares of the business'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 $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $3,007,750.00. Following the completion of the transaction, the chief financial officer now 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 disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on PKG. Truist Financial reissued a "buy" rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. StockNews.com cut shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Wednesday. Citigroup raised their price objective 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. Finally, Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Packaging Co. of America currently has an average rating of "Hold" and a consensus price target of $221.60.

Packaging Co. of America 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.