Raiffeisen Bank International AG lifted its position in shares of Packaging Corporation of America (NYSE:PKG – Free Report) by 3,265.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,433 shares of the industrial products company’s stock after purchasing an additional 3,331 shares during the period. Raiffeisen Bank International AG’s holdings in Packaging Corporation of America were worth $816,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in PKG. Greenleaf Trust increased its position in Packaging Corporation of America by 1.7% in the 2nd quarter. Greenleaf Trust now owns 2,705 shares of the industrial products company’s stock valued at $645,000 after acquiring an additional 46 shares during the period. Smartleaf Asset Management LLC boosted its stake in Packaging Corporation of America by 5.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,045 shares of the industrial products company’s stock worth $218,000 after acquiring an additional 52 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in Packaging Corporation of America by 2.9% in the fourth quarter. TD Private Client Wealth LLC now owns 1,929 shares of the industrial products company’s stock worth $398,000 after purchasing an additional 54 shares during the period. Geneos Wealth Management Inc. increased its stake in Packaging Corporation of America by 40.4% in the first quarter. Geneos Wealth Management Inc. now owns 198 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 57 shares in the last quarter. Finally, Root Financial Partners LLC increased its stake in Packaging Corporation of America by 28.4% in the first quarter. Root Financial Partners LLC now owns 276 shares of the industrial products company’s stock valued at $59,000 after purchasing an additional 61 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.
Packaging Corporation of America Stock Up 1.3%
Packaging Corporation of America stock opened at $237.51 on Friday. The firm has a market capitalization of $21.16 billion, a price-to-earnings ratio of 30.85, a price-to-earnings-growth ratio of 2.41 and a beta of 0.78. The firm’s fifty day moving average price is $242.25 and its two-hundred day moving average price is $227.74. 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.
Packaging Corporation of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. Packaging Corporation of America’s dividend payout ratio is 77.92%.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on PKG shares. Wells Fargo & Company reissued 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 report on Thursday, July 9th. Citigroup upped their price target on Packaging Corporation of America from $241.00 to $254.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. increased their price target on Packaging Corporation of America from $269.00 to $271.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Bank of America raised their price objective 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. Finally, Truist Financial boosted their price objective 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. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Packaging Corporation of America currently has an average rating of “Moderate Buy” and an average price target of $264.57.
Get Our Latest Analysis on PKG
Insider Buying and Selling
In related news, VP Donald R. Shirley sold 12,000 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $250.71, for a total value of $3,008,520.00. Following the completion of the sale, the vice president directly owned 19,110 shares of the company’s stock, valued at approximately $4,791,068.10. This represents a 38.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Thomas A. Hassfurther sold 12,531 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $250.00, for a total value of $3,132,750.00. Following the transaction, the president owned 218,751 shares in the company, valued at approximately $54,687,750. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 40,391 shares of company stock worth $10,196,101 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.
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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