Erste Asset Management GmbH Acquires New Position in Packaging Co. of America (NYSE:PKG)

Erste Asset Management GmbH bought a new position in Packaging Co. of America (NYSE:PKG) in the third quarter, according to its most recent filing with the SEC. The firm bought 30,100 shares of the industrial products company’s stock, valued at approximately $6,493,000.

Several other large investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of Packaging Co. of America by 3.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company’s stock worth $632,654,000 after buying an additional 98,223 shares during the period. Victory Capital Management Inc. lifted its position in Packaging Co. of America by 1.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock worth $520,920,000 after acquiring an additional 41,903 shares during the period. Dimensional Fund Advisors LP grew its stake in Packaging Co. of America by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock valued at $210,636,000 after purchasing an additional 86,005 shares during the last quarter. FMR LLC increased its holdings in shares of Packaging Co. of America by 3.4% in the third quarter. FMR LLC now owns 1,076,350 shares of the industrial products company’s stock valued at $231,846,000 after purchasing an additional 35,827 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Packaging Co. of America by 34.3% in the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock valued at $187,596,000 after purchasing an additional 262,315 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Insider Activity

In other Packaging Co. of America news, SVP Donald R. Shirley sold 8,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the completion of the transaction, the senior vice president now directly owns 15,725 shares in the company, valued at approximately $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul T. Stecko sold 10,500 shares of Packaging Co. of America stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the completion of the sale, the director now owns 8,881 shares in the company, valued at approximately $2,175,045.71. This trade represents a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock worth $7,500,905 in the last ninety days. Company insiders own 1.70% of the company’s stock.

Packaging Co. of America Trading Down 1.6 %

Packaging Co. of America stock opened at $244.89 on Tuesday. 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 firm has a market cap of $21.99 billion, a PE ratio of 28.54, a P/E/G ratio of 3.49 and a beta of 0.77. The stock’s 50 day simple moving average is $228.21 and its two-hundred day simple moving average is $204.95. Packaging Co. of America has a 12 month low of $159.57 and a 12 month high of $250.82.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Truist Financial restated a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Citigroup increased their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Packaging Co. of America presently has an average rating of “Hold” and a consensus price target of $221.60.

Packaging Co. of America Company 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.