PEAK6 LLC acquired a new position in Packaging Corporation of America (NYSE:PKG – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 21,526 shares of the industrial products company’s stock, valued at approximately $5,129,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in PKG. BlackRock Inc. bought a new stake in Packaging Corporation of America during the second quarter worth approximately $1,837,506,000. Bank of New York Mellon Corp acquired a new stake in shares of Packaging Corporation of America during the 2nd quarter valued at $748,095,000. Norges Bank bought a new stake in shares of Packaging Corporation of America during the 4th quarter worth $237,649,000. Diamant Asset Management Inc. boosted its stake in shares of Packaging Corporation of America by 19,710.3% during the 1st quarter. Diamant Asset Management Inc. now owns 893,446 shares of the industrial products company’s stock worth $189,607,000 after acquiring an additional 888,936 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of Packaging Corporation of America in the 2nd quarter worth $133,174,000. 89.78% of the stock is currently owned by institutional investors.
Packaging Corporation of America Stock Up 0.1%
NYSE:PKG opened at $253.03 on Monday. The firm has a market capitalization of $22.54 billion, a price-to-earnings ratio of 32.86, a PEG ratio of 2.39 and a beta of 0.80. Packaging Corporation of America has a 1-year low of $191.50 and a 1-year high of $259.98. The company has a current ratio of 2.94, a quick ratio of 1.86 and a debt-to-equity ratio of 0.85. The business’s fifty day moving average price is $241.04 and its 200 day moving average price is $227.56.
Insider Buying and Selling
In related news, CEO Mark W. Kowlzan sold 9,266 shares of the firm’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 in the company, valued at approximately $102,811,258.80. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Thomas A. Hassfurther sold 7,063 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $254.00, for a total transaction of $1,794,002.00. Following the transaction, the president directly owned 202,891 shares in the company, valued at $51,534,314. The trade was a 3.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 37,657 shares of company stock valued at $9,199,044 over the last three months. 1.60% of the stock is owned by insiders.
Wall Street Analyst Weigh In
PKG has been the subject of several analyst reports. Truist Financial upped their target price on Packaging Corporation of America from $258.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. UBS Group upped their price objective on shares of Packaging Corporation of America from $271.00 to $292.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Citigroup raised their target price on shares of Packaging Corporation of America from $241.00 to $254.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Wells Fargo & Company reissued an “equal weight” rating and issued a $246.00 target price (up from $245.00) on shares of Packaging Corporation of America in a research report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Packaging Corporation of America from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Packaging Corporation of America currently has a consensus rating of “Moderate Buy” and an average target price of $264.57.
Get Our Latest Analysis on Packaging Corporation of America
Packaging Corporation of America Company Profile
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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