Packaging Co. of America (NYSE:PKG) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund cut its position in shares of Packaging Co. of America (NYSE:PKG) by 8.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,640 shares of the industrial products company’s stock after selling 235 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Packaging Co. of America were worth $569,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Asset Dedication LLC increased its position in shares of Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 112 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Packaging Co. of America during the 3rd quarter valued at $32,000. Tortoise Investment Management LLC acquired a new position in shares of Packaging Co. of America during the 2nd quarter valued at $33,000. Strategic Financial Concepts LLC acquired a new position in shares of Packaging Co. of America during the 2nd quarter valued at $50,000. Finally, Assetmark Inc. increased its position 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 valued at $58,000 after purchasing an additional 83 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Donald R. Shirley sold 8,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value of $1,921,600.00. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.62, for a total value 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 disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PKG shares. Truist Financial reaffirmed 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. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. 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 research report on Wednesday, October 2nd. Finally, Wells Fargo & Company boosted their price objective 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. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Trading Up 1.0 %

Packaging Co. of America stock opened at $238.11 on Tuesday. The company has a 50 day moving average price of $221.90 and a 200 day moving average price of $200.74. Packaging Co. of America has a 52 week low of $148.50 and a 52 week high of $245.00. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The firm has a market capitalization of $21.38 billion, a price-to-earnings ratio of 27.75, a P/E/G ratio of 3.31 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 19.10% and a net margin of 9.46%. The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the company posted $2.05 EPS. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. Research analysts forecast that Packaging Co. of America will post 9.07 EPS 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. Shareholders of record on Tuesday, October 15th were paid a $1.25 dividend. The ex-dividend date was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.10%. Packaging Co. of America’s dividend payout ratio is presently 58.28%.

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.