Packaging Co. of America (NYSE:PKG) Stake Trimmed by Carnegie Capital Asset Management LLC

Carnegie Capital Asset Management LLC cut its position in shares of Packaging Co. of America (NYSE:PKG) by 29.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,240 shares of the industrial products company’s stock after selling 4,352 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Packaging Co. of America were worth $1,668,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PKG. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Packaging Co. of America in the 3rd quarter valued at approximately $25,000. Clear Street Markets LLC raised its stake in Packaging Co. of America by 94.6% during the 1st quarter. Clear Street Markets LLC now owns 181 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 88 shares during the period. ICA Group Wealth Management LLC purchased a new stake in shares of Packaging Co. of America in the fourth quarter valued at $28,000. Money Concepts Capital Corp lifted its holdings in shares of Packaging Co. of America by 60.0% in the fourth quarter. Money Concepts Capital Corp now owns 264 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. Finally, Anchor Investment Management LLC acquired a new stake in shares of Packaging Co. of America in the fourth quarter worth $37,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Price Performance

Shares of PKG opened at $180.36 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.77 and a current ratio of 2.57. The firm has a market cap of $16.19 billion, a PE ratio of 21.27, a PEG ratio of 4.38 and a beta of 0.78. The firm’s 50 day moving average price is $180.17 and its 200 day moving average price is $166.96. Packaging Co. of America has a twelve month low of $122.20 and a twelve month high of $191.27.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.13 EPS for the quarter, topping the consensus estimate of $1.83 by $0.30. Packaging Co. of America had a net margin of 9.81% and a return on equity of 20.25%. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the prior year, the business posted $2.35 EPS. Packaging Co. of America’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, research analysts expect that Packaging Co. of America will post 8.31 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were given a $1.25 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.77%. Packaging Co. of America’s dividend payout ratio is currently 58.96%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PKG shares. Citigroup upped their price target on Packaging Co. of America from $172.00 to $183.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th. BNP Paribas cut shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price target for the company. in a report on Friday. Truist Financial upped their price objective on shares of Packaging Co. of America from $170.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, January 4th. Finally, Bank of America raised shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $172.00 to $202.00 in a research note on Monday, March 4th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Packaging Co. of America currently has an average rating of “Hold” and an average price target of $171.29.

Insider Transactions at Packaging Co. of America

In related news, VP Thomas A. Hassfurther sold 13,850 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total value of $2,507,681.00. Following the transaction, the vice president now directly owns 187,647 shares of the company’s stock, valued at approximately $33,975,365.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Thomas A. Hassfurther sold 13,850 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the completion of the sale, the vice president now directly owns 187,647 shares of the company’s stock, valued at approximately $33,975,365.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert P. Mundy sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the sale, the chief financial officer now owns 46,454 shares of the company’s stock, valued at $8,478,319.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,041 shares of company stock worth $6,799,177. 1.70% of the stock is owned by corporate insiders.

Packaging Co. of America Company 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.