Packaging Co. of America (NYSE:PKG) Shares Bought by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. grew its position in shares of Packaging Co. of America (NYSE:PKG) by 6.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 88,122 shares of the industrial products company’s stock after acquiring an additional 5,517 shares during the period. Rockefeller Capital Management L.P.’s holdings in Packaging Co. of America were worth $18,976,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its position in shares of 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 worth $187,596,000 after buying an additional 262,315 shares during the period. AQR Capital Management LLC boosted its position 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 period. International Assets Investment Management LLC boosted its position in shares of Packaging Co. of America by 41,151.7% in 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 buying an additional 155,142 shares during the period. Mizuho Securities USA LLC boosted its position in shares of Packaging Co. of America by 1,800.2% in the third quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company’s stock worth $28,128,000 after buying an additional 123,711 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of 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 worth $632,654,000 after buying an additional 98,223 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PKG has been the subject of several analyst reports. 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 research report on Thursday, October 24th. Citigroup increased their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Truist Financial reissued a “buy” rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $221.60.

Packaging Co. of America Stock Up 0.7 %

Shares of Packaging Co. of America stock opened at $248.85 on Monday. Packaging Co. of America has a twelve month low of $159.57 and a twelve month high of $250.82. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $22.35 billion, a price-to-earnings ratio of 29.00, a PEG ratio of 3.49 and a beta of 0.76. The business’s 50 day simple moving average is $228.21 and its 200-day simple moving average is $204.79.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating 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 last year, the firm earned $2.05 EPS. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities research analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current year.

Insider Activity

In other news, CFO Robert P. Mundy sold 12,500 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 43,954 shares of the company’s stock, valued at $10,576,211.48. This trade represents a 22.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at approximately $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,000 shares of company stock worth $7,500,905. 1.60% of the stock is owned by company insiders.

Packaging Co. of America 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.