Camden National Bank Sells 881 Shares of Packaging Co. of America (NYSE:PKG)

Camden National Bank lowered its stake in Packaging Co. of America (NYSE:PKG) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,221 shares of the industrial products company’s stock after selling 881 shares during the quarter. Camden National Bank’s holdings in Packaging Co. of America were worth $7,802,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Boston Partners boosted its position in shares of Packaging Co. of America by 49.3% during the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock valued at $274,421,000 after acquiring an additional 477,487 shares during the last quarter. Millennium Management LLC increased its stake in Packaging Co. of America by 34.3% in the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after purchasing an additional 262,315 shares during the period. AQR Capital Management LLC increased its stake in Packaging Co. of America by 164.3% in the 2nd quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company’s stock worth $73,272,000 after purchasing an additional 249,483 shares during the period. International Assets Investment Management LLC increased its stake in Packaging Co. of America by 41,151.7% in the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company’s stock worth $33,499,000 after purchasing an additional 155,142 shares during the period. Finally, Mizuho Securities USA LLC raised its holdings in shares of Packaging Co. of America by 1,800.2% during the third quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company’s stock valued at $28,128,000 after acquiring an additional 123,711 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Trading Up 0.5 %

Packaging Co. of America stock opened at $246.43 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a one year low of $153.58 and a one year high of $248.62. The stock has a market capitalization of $22.13 billion, a PE ratio of 28.72, a price-to-earnings-growth ratio of 3.44 and a beta of 0.76. The business’s fifty day moving average is $224.82 and its 200 day moving average is $202.27.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the firm posted $2.05 earnings per share. Packaging Co. of America’s revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts predict that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.28%.

Insider Transactions at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the completion of the sale, the chief financial officer now owns 43,954 shares in the company, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total value of $1,921,600.00. Following the sale, the senior vice president now owns 15,725 shares of the company’s stock, valued at $3,777,145. This represents a 33.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock valued at $7,500,905 over the last quarter. 1.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PKG has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday. Truist Financial restated a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Finally, Citigroup upped their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.