Nykredit A S acquired a new stake in Packaging Corporation of America (NYSE:PKG – Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 26,033 shares of the industrial products company’s stock, valued at approximately $6,203,000.
Several other hedge funds have also recently bought and sold shares of the stock. DV Equities LLC acquired a new stake in shares of Packaging Corporation of America during the 4th quarter worth about $26,000. Covestor Ltd raised its position in Packaging Corporation of America by 140.0% in the 4th quarter. Covestor Ltd now owns 156 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 91 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in shares of Packaging Corporation of America by 94.1% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 80 shares during the period. Navalign LLC bought a new stake in Packaging Corporation of America during the 4th quarter worth about $36,000. Finally, Fiduciary Financial Advisors bought a new stake in shares of Packaging Corporation of America during the second quarter worth approximately $36,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.
Packaging Corporation of America Trading Up 0.1%
Shares of PKG stock opened at $237.51 on Monday. The company has a market capitalization of $21.16 billion, a PE ratio of 30.85, a price-to-earnings-growth ratio of 2.41 and a beta of 0.78. The firm has a 50 day moving average price of $242.25 and a two-hundred day moving average price of $227.61. The company has a quick ratio of 1.86, a current ratio of 2.94 and a debt-to-equity ratio of 0.85. Packaging Corporation of America has a 12-month low of $191.50 and a 12-month high of $259.98.
Packaging Corporation of America Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 15th. Packaging Corporation of America’s payout ratio is 77.92%.
Insider Buying and Selling at Packaging Corporation of America
In other news, VP Donald Shirley sold 12,000 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the completion of the sale, the vice president directly owned 19,110 shares in the company, valued at approximately $4,791,068.10. This represents a 38.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Thomas Hassfurther sold 12,531 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $250.00, for a total transaction of $3,132,750.00. Following the sale, the president directly owned 218,751 shares of the company’s stock, valued at $54,687,750. This represents a 5.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 40,391 shares of company stock valued at $10,196,101 over the last ninety days. Insiders own 1.60% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on PKG shares. Citigroup increased their target price on Packaging Corporation of America from $241.00 to $254.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. UBS Group raised their price objective on shares of Packaging Corporation of America from $271.00 to $292.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Bank of America boosted their target price on Packaging Corporation of America from $242.00 to $263.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. boosted their price target on shares of Packaging Corporation of America from $269.00 to $271.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $246.00 price objective (up from $245.00) on shares of Packaging Corporation of America in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $264.57.
View Our Latest Stock Analysis 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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