Sumitomo Mitsui Trust Group Inc. Purchases 2,325 Shares of Packaging Co. of America (NYSE:PKG)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 229,989 shares of the industrial products company's stock after purchasing an additional 2,325 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Packaging Co. of America worth $49,540,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PKG. Central Pacific Bank Trust Division acquired a new position in shares of Packaging Co. of America in the third quarter worth about $32,000. Asset Dedication LLC increased its position in shares of Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company's stock worth $31,000 after purchasing an additional 112 shares during the last quarter. Tortoise Investment Management LLC bought a new position in shares of Packaging Co. of America during the second quarter worth about $33,000. Headlands Technologies LLC acquired a new stake in Packaging Co. of America during the first quarter valued at approximately $43,000. Finally, Assetmark Inc. grew its position in shares of Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company's stock worth $58,000 after acquiring an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company's stock.

Packaging Co. of America Trading Up 0.1 %

NYSE PKG traded up $0.21 on Friday, hitting $235.81. 583,602 shares of the company were exchanged, compared to its average volume of 600,704. Packaging Co. of America has a twelve month low of $148.50 and a twelve month high of $245.00. The company's 50 day moving average price is $221.23 and its 200-day moving average price is $200.12. The firm has a market capitalization of $21.18 billion, a P/E ratio of 27.48, a price-to-earnings-growth ratio of 3.35 and a beta of 0.76. 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 (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, topping the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analysts' expectations 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 revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.05 earnings per share. Analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current fiscal 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 given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America's payout ratio is presently 58.28%.

Insiders Place Their Bets

In related news, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 15,725 shares in the company, valued at approximately $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert P. Mundy sold 12,500 shares of the business's stock in a transaction that occurred 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 represents a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company lifted 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. Citigroup lifted their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Truist Financial reiterated a "buy" rating and issued 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. Finally, StockNews.com upgraded Packaging Co. of America from a "hold" rating to a "buy" rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" 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.