Wedge Capital Management L L P NC Has $6.56 Million Position in Packaging Co. of America (NYSE:PKG)

Wedge Capital Management L L P NC reduced its stake in Packaging Co. of America (NYSE:PKG - Free Report) by 18.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,126 shares of the industrial products company's stock after selling 6,687 shares during the quarter. Wedge Capital Management L L P NC's holdings in Packaging Co. of America were worth $6,557,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds 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 during the third quarter worth about $32,000. Larson Financial Group LLC lifted its stake in Packaging Co. of America by 234.7% in the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company's stock valued at $35,000 after acquiring an additional 115 shares in the last quarter. Fortitude Family Office LLC boosted its position in Packaging Co. of America by 150.8% during the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company's stock worth $37,000 after acquiring an additional 98 shares during the last quarter. Assetmark Inc. grew its stake in shares of Packaging Co. of America by 44.6% during 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. Finally, Brooklyn Investment Group acquired a new stake in shares of Packaging Co. of America in the third quarter valued at approximately $64,000. 89.78% of the stock is owned by institutional investors and hedge funds.

Packaging Co. of America Stock Performance

Shares of PKG traded up $2.20 during trading hours on Friday, hitting $237.52. The company had a trading volume of 1,768,137 shares, compared to its average volume of 743,700. The business has a fifty day moving average of $235.69 and a 200-day moving average of $217.15. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The firm has a market cap of $21.33 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 2.24 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 (NYSE:PKG - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. Packaging Co. of America's revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 earnings per share. Equities analysts anticipate that Packaging Co. of America will post 9.08 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 20th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Friday, December 20th. Packaging Co. of America's dividend payout ratio (DPR) is presently 58.28%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Truist Financial increased their target price on shares of Packaging Co. of America from $252.00 to $282.00 and gave the stock a "buy" rating in a report on Monday, January 6th. StockNews.com upgraded Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Jefferies Financial Group upgraded Packaging Co. of America from a "hold" rating to a "buy" rating and raised their price target for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Finally, Citigroup upped their price objective on Packaging Co. of America from $232.00 to $235.00 and gave the stock a "neutral" rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Packaging Co. of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $238.67.

Insider Buying and Selling

In related news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the sale, the chief financial officer now directly owns 43,954 shares of the company's stock, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the completion of the transaction, the director now directly owns 8,881 shares of the company's stock, valued at approximately $2,175,045.71. The trade was a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,300 shares of company stock valued at $8,064,152 over the last quarter. 1.70% of the stock is owned by company insiders.

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.