Victory Capital Management Inc. Sells 721,470 Shares of Packaging Co. of America (NYSE:PKG)

Victory Capital Management Inc. cut its holdings in Packaging Co. of America (NYSE:PKG) by 25.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,131,947 shares of the industrial products company’s stock after selling 721,470 shares during the period. Packaging Co. of America makes up approximately 0.4% of Victory Capital Management Inc.’s portfolio, making the stock its 29th biggest position. Victory Capital Management Inc.’s holdings in Packaging Co. of America were worth $459,221,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PKG. Aigen Investment Management LP acquired a new stake in shares of Packaging Co. of America in the 3rd quarter worth about $529,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Packaging Co. of America by 1.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 229,989 shares of the industrial products company’s stock worth $49,540,000 after acquiring an additional 2,325 shares during the last quarter. Apollon Wealth Management LLC grew its stake in Packaging Co. of America by 24.1% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,386 shares of the industrial products company’s stock worth $298,000 after buying an additional 269 shares in the last quarter. Jeppson Wealth Management LLC bought a new stake in Packaging Co. of America during the third quarter worth about $210,000. Finally, Core Wealth Partners LLC bought a new stake in shares of Packaging Co. of America in the 3rd quarter worth approximately $215,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Shares of NYSE:PKG traded down $1.12 during trading on Tuesday, hitting $240.37. 66,478 shares of the stock traded hands, compared to its average volume of 598,904. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $245.00. The company has a fifty day moving average price of $218.57 and a two-hundred day moving average price of $198.53. The company has a market cap of $21.59 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 3.40 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the business posted $2.05 earnings per share. The firm’s revenue was up 14.9% compared to the same quarter last year. As a group, equities analysts predict that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a dividend of $1.25 per share. The ex-dividend date was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.08%. Packaging Co. of America’s dividend payout ratio is presently 58.28%.

Analysts Set New Price Targets

Several research firms recently weighed in on PKG. Wells Fargo & Company upped their price target on 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. Truist Financial reaffirmed a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Citigroup lifted their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $221.60.

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.