Verition Fund Management LLC Trims Stock Position in Packaging Co. of America (NYSE:PKG)

Verition Fund Management LLC trimmed its position in Packaging Co. of America (NYSE:PKG - Free Report) by 70.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,856 shares of the industrial products company's stock after selling 23,409 shares during the quarter. Verition Fund Management LLC's holdings in Packaging Co. of America were worth $2,123,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of PKG. Millennium Management LLC boosted its holdings in Packaging Co. of America by 34.3% in 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 during the last quarter. AQR Capital Management LLC boosted its stake in shares of Packaging Co. of America by 164.3% in the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock worth $73,272,000 after buying an additional 249,483 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Packaging Co. of America by 41,151.7% during the third quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company's stock worth $33,499,000 after acquiring an additional 155,142 shares during the period. Mizuho Securities USA LLC raised its position in Packaging Co. of America by 1,800.2% during the third quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company's stock valued at $28,128,000 after acquiring an additional 123,711 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Packaging Co. of America by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company's stock valued at $632,654,000 after acquiring an additional 98,223 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Packaging Co. of America

In other news, SVP Donald R. Shirley sold 8,000 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the transaction, the senior vice president now directly owns 15,725 shares in the company, valued at $3,777,145. The trade was a 33.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the company'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 value of $3,007,750.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,300 shares of company stock valued at $8,064,152. 1.60% of the stock is owned by insiders.

Packaging Co. of America Price Performance

Shares of NYSE PKG traded down $1.67 during trading on Friday, hitting $242.67. The company had a trading volume of 894,513 shares, compared to its average volume of 601,854. The firm has a market capitalization of $21.79 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 3.43 and a beta of 0.77. The stock has a fifty day simple moving average of $231.12 and a two-hundred day simple moving average of $206.78. 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 fifty-two week low of $159.57 and a fifty-two week high of $250.82.

Packaging Co. of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $2.09 billion. During the same period in the previous year, the firm posted $2.05 EPS. Packaging Co. of America's revenue was up 14.9% compared to the same quarter last year. On average, research analysts expect that Packaging Co. of America will post 9.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Citigroup lifted their price objective on shares of 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 price objective (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 analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $221.60.

Packaging Co. of America Company 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.