Chase Investment Counsel Corp purchased a new stake in shares of Packaging Corporation of America (NYSE:PKG – Free Report) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 2,509 shares of the industrial products company’s stock, valued at approximately $532,000.
Several other institutional investors also recently modified their holdings of PKG. GRIMES & Co WEALTH MANAGEMENT LLC purchased a new position in Packaging Corporation of America in the 4th quarter worth about $4,664,000. PNC Financial Services Group Inc. boosted its holdings in shares of Packaging Corporation of America by 10.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 68,314 shares of the industrial products company’s stock valued at $14,088,000 after acquiring an additional 6,257 shares during the last quarter. Heartland Advisors Inc. boosted its holdings in shares of Packaging Corporation of America by 47.6% during the 4th quarter. Heartland Advisors Inc. now owns 39,145 shares of the industrial products company’s stock valued at $8,073,000 after acquiring an additional 12,621 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Packaging Corporation of America by 29.2% during the 4th quarter. Victory Capital Management Inc. now owns 2,309,412 shares of the industrial products company’s stock valued at $476,270,000 after acquiring an additional 521,352 shares during the last quarter. Finally, G&S Capital LLC grew its stake in shares of Packaging Corporation of America by 110.1% in the fourth quarter. G&S Capital LLC now owns 12,886 shares of the industrial products company’s stock worth $2,657,000 after acquiring an additional 6,753 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Packaging Corporation of America
In other Packaging Corporation of America news, CEO Mark W. Kowlzan sold 9,266 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $217.08, for a total transaction of $2,011,463.28. Following the completion of the sale, the chief executive officer directly owned 473,610 shares of the company’s stock, valued at approximately $102,811,258.80. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
Packaging Corporation of America Trading Down 0.1%
Packaging Corporation of America (NYSE:PKG – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.17 by $0.23. Packaging Corporation of America had a net margin of 8.04% and a return on equity of 19.27%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.45 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Packaging Corporation of America will post 10.46 EPS for the current year.
Packaging Corporation of America Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.6%. This is a positive change from Packaging Corporation of America’s previous quarterly dividend of $1.25. The ex-dividend date was Monday, June 15th. Packaging Corporation of America’s dividend payout ratio (DPR) is presently 72.99%.
Analysts Set New Price Targets
PKG has been the subject of several research reports. Bank of America boosted their price objective on shares of Packaging Corporation of America from $242.00 to $263.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Truist Financial raised their target price on shares of Packaging Corporation of America from $258.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft raised shares of Packaging Corporation of America from a “hold” rating to a “buy” rating and lifted their target price for the stock from $225.00 to $256.00 in a research report on Monday, May 4th. JPMorgan Chase & Co. boosted their target price on shares of Packaging Corporation of America from $246.00 to $269.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings cut Packaging Corporation of America from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $256.14.
Get Our Latest Report on Packaging Corporation of America
About Packaging Corporation of America
Packaging Corporation of America (NYSE: PKG) is a leading North American manufacturer of containerboard and corrugated packaging products. The company produces a range of paper-based packaging solutions including linerboard, corrugating medium, corrugated shipping containers, retail-ready packaging and point-of-purchase displays. In addition to core packaging products, Packaging Corporation of America offers packaging design, testing and supply-chain services intended to optimize protection, cost and sustainability for customers.
Headquartered in Lake Forest, Illinois, the company operates an integrated network of mills and corrugated manufacturing facilities across the United States and serves customers throughout North America in industries such as e-commerce, grocery and food & beverage, consumer packaged goods and industrial markets.
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