Wolverine Asset Management LLC Purchases Shares of 8,000 Packaging Co. of America (NYSE:PKG)

Wolverine Asset Management LLC bought a new position in shares of Packaging Co. of America (NYSE:PKG - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,000 shares of the industrial products company's stock, valued at approximately $1,723,000.

A number of other hedge funds have also recently made changes to their positions in the company. Deseret Mutual Benefit Administrators lifted its holdings in Packaging Co. of America by 15.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company's stock valued at $80,000 after purchasing an additional 49 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Packaging Co. of America by 1.4% during the second quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company's stock worth $704,000 after buying an additional 54 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Packaging Co. of America by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company's stock valued at $1,773,000 after purchasing an additional 56 shares during the last quarter. Moors & Cabot Inc. boosted its position in Packaging Co. of America by 2.1% during the second quarter. Moors & Cabot Inc. now owns 2,689 shares of the industrial products company's stock worth $491,000 after purchasing an additional 56 shares during the period. Finally, Evergreen Capital Management LLC boosted its position in Packaging Co. of America by 2.4% during the second quarter. Evergreen Capital Management LLC now owns 2,461 shares of the industrial products company's stock worth $452,000 after purchasing an additional 57 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the firm'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 transaction, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PKG has been the topic of several recent research reports. Truist Financial reaffirmed a "buy" rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Citigroup boosted their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised 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 research note on Thursday, October 24th. Finally, StockNews.com cut Packaging Co. of America from a "buy" rating to a "hold" rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $221.60.

Packaging Co. of America Stock Performance

NYSE PKG traded down $1.68 on Tuesday, hitting $239.81. 434,778 shares of the company traded hands, compared to its average volume of 600,585. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $21.54 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 3.40 and a beta of 0.76. The business's 50 day moving average price is $218.57 and its 200-day moving average price is $198.53. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $245.00.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.50 by $0.15. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the business earned $2.05 earnings per share. Packaging Co. of America's revenue was up 14.9% compared to the same quarter last year. Equities analysts expect that Packaging Co. of America will post 9.07 earnings per share 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. Stockholders of record on Tuesday, October 15th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.08%. The ex-dividend date was Monday, September 16th. Packaging Co. of America's dividend payout ratio (DPR) is 58.28%.

About Packaging Co. of America

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.