Bank of New York Mellon Corp Trims Holdings in Packaging Co. of America (NYSE:PKG)

Bank of New York Mellon Corp decreased its stake in shares of Packaging Co. of America (NYSE:PKG) by 7.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 800,399 shares of the industrial products company’s stock after selling 67,843 shares during the period. Bank of New York Mellon Corp owned 0.89% of Packaging Co. of America worth $180,194,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in PKG. Larson Financial Group LLC increased its position in shares of Packaging Co. of America by 234.7% during the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after buying an additional 115 shares during the period. Fortitude Family Office LLC grew its stake in Packaging Co. of America by 150.8% during the fourth quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 98 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in Packaging Co. of America during the 4th quarter worth approximately $44,000. Golden State Wealth Management LLC bought a new stake in Packaging Co. of America during the 4th quarter worth approximately $48,000. Finally, Assetmark Inc. lifted its stake in Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 83 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Price Performance

Shares of Packaging Co. of America stock opened at $210.72 on Friday. Packaging Co. of America has a 12 month low of $169.00 and a 12 month high of $250.82. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The business’s 50-day moving average price is $222.48 and its 200-day moving average price is $222.28. The firm has a market capitalization of $18.92 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 2.41 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. Sell-side analysts forecast that Packaging Co. of America will post 10.44 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, March 14th. Packaging Co. of America’s payout ratio is 55.99%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Citigroup boosted their price target on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Truist Financial restated a “buy” rating and set a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a research report on Thursday, January 30th. Jefferies Financial Group raised Packaging Co. of America from a “hold” rating to a “buy” rating and raised their price target for the company from $215.00 to $280.00 in a report on Wednesday, December 18th. Seaport Res Ptn raised Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 13th. Finally, StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Packaging Co. of America has a consensus rating of “Moderate Buy” and a consensus price target of $233.00.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, SVP Joseph Vaughn sold 2,300 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total value of $563,247.00. Following the sale, the senior vice president now owns 9,197 shares of the company’s stock, valued at $2,252,253.33. This trade represents a 20.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is currently owned by company insiders.

Packaging Co. of America Company Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.