Sumitomo Mitsui Trust Group Inc. Lowers Stock Position in Packaging Co. of America (NYSE:PKG)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Packaging Co. of America (NYSE:PKG) by 2.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 224,726 shares of the industrial products company’s stock after selling 5,263 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Packaging Co. of America were worth $50,593,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Strategic Financial Concepts LLC purchased a new position in Packaging Co. of America in the fourth quarter worth $6,966,000. Oakworth Capital Inc. grew its stake in shares of Packaging Co. of America by 1,404.8% during the 4th quarter. Oakworth Capital Inc. now owns 316 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 295 shares during the period. Buck Wealth Strategies LLC increased its holdings in shares of Packaging Co. of America by 59.7% in the 4th quarter. Buck Wealth Strategies LLC now owns 3,818 shares of the industrial products company’s stock valued at $860,000 after purchasing an additional 1,427 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in shares of Packaging Co. of America by 10.3% in the fourth quarter. Bleakley Financial Group LLC now owns 1,254 shares of the industrial products company’s stock valued at $282,000 after purchasing an additional 117 shares during the period. Finally, YANKCOM Partnership purchased a new stake in Packaging Co. of America during the fourth quarter worth about $232,000. 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 Joseph Vaughn sold 2,300 shares of Packaging Co. of America stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total value of $563,247.00. Following the completion of the sale, the senior vice president now owns 9,197 shares of the company’s stock, valued at $2,252,253.33. The trade was a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $244.91, for a total value of $2,571,555.00. Following the transaction, the director now owns 8,881 shares in the company, valued at $2,175,045.71. This trade represents a 54.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Packaging Co. of America Stock Performance

Packaging Co. of America stock opened at $209.37 on Tuesday. Packaging Co. of America has a fifty-two week low of $163.68 and a fifty-two week high of $250.82. The company has a market capitalization of $18.80 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 2.40 and a beta of 0.77. The stock has a fifty day moving average of $229.62 and a two-hundred day moving average of $221.35. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. On average, analysts anticipate that Packaging Co. of America will post 10.6 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, December 20th. Packaging Co. of America’s dividend payout ratio is presently 55.99%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PKG. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, January 29th. Citigroup upped their price target on Packaging Co. of America from $232.00 to $235.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Wells Fargo & Company reduced their price objective on Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Truist Financial reissued a “buy” rating and issued a $265.00 target price (down previously from $282.00) on shares of Packaging Co. of America in a report on Thursday, January 30th. Finally, Jefferies Financial Group raised Packaging Co. of America from a “hold” rating to a “buy” rating and lifted their price target for the stock from $215.00 to $280.00 in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.00.

Packaging Co. of America Company 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.