Summit Financial Strategies Inc. Lowers Holdings in Packaging Co. of America (NYSE:PKG)

Summit Financial Strategies Inc. lessened its stake in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 8.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 214,757 shares of the industrial products company's stock after selling 19,738 shares during the quarter. Packaging Co. of America makes up 5.3% of Summit Financial Strategies Inc.'s holdings, making the stock its 8th biggest holding. Summit Financial Strategies Inc. owned approximately 0.24% of Packaging Co. of America worth $48,348,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in PKG. Central Pacific Bank Trust Division purchased a new stake in shares of Packaging Co. of America in the third quarter valued at about $32,000. Larson Financial Group LLC boosted its holdings in shares of Packaging Co. of America by 234.7% in the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company's stock worth $35,000 after acquiring an additional 115 shares during the period. Fortitude Family Office LLC increased its position in shares of Packaging Co. of America by 150.8% during the fourth quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company's stock valued at $37,000 after buying an additional 98 shares during the period. Assetmark Inc. grew its position in Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company's stock worth $58,000 after buying an additional 83 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Packaging Co. of America during the 3rd quarter worth $64,000. Institutional investors own 89.78% of the company's stock.

Packaging Co. of America Stock Performance

Packaging Co. of America stock traded down $0.64 during midday trading on Monday, hitting $239.63. 594,680 shares of the company's stock were exchanged, compared to its average volume of 854,117. The firm's 50 day simple moving average is $235.85 and its 200 day simple moving average is $219.31. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The stock has a market cap of $21.52 billion, a price-to-earnings ratio of 27.93, a price-to-earnings-growth ratio of 2.36 and a beta of 0.79. Packaging Co. of America has a 12-month low of $159.57 and a 12-month high of $250.82.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date was Friday, December 20th. Packaging Co. of America's dividend payout ratio is currently 58.28%.

Insiders Place Their Bets

In related news, SVP Joseph Vaughn sold 2,300 shares of Packaging Co. of America stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total value of $563,247.00. Following the completion of the sale, the senior vice president now owns 9,197 shares in the company, valued at approximately $2,252,253.33. The trade was a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 directly owns 15,725 shares in the company, valued at approximately $3,777,145. This represents a 33.72 % decrease in their position. The disclosure for this sale can be found here. Over 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 Upgrades and Downgrades

PKG has been the topic of a number of research analyst reports. 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. Jefferies Financial Group raised Packaging Co. of America from a "hold" rating to a "buy" rating and lifted their price objective for the stock 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 research report on Tuesday, December 24th. Truist Financial increased their price objective on shares of Packaging Co. of America from $252.00 to $282.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Citigroup lifted their price objective on shares of Packaging Co. of America from $232.00 to $235.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $238.67.

Packaging Co. of America Profile

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.