Packaging Co. of America (NYSE:PKG) Shares Sold by Principal Street Partners LLC

Principal Street Partners LLC reduced its holdings in shares of Packaging Co. of America (NYSE:PKG) by 23.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,875 shares of the industrial products company’s stock after selling 8,789 shares during the period. Principal Street Partners LLC’s holdings in Packaging Co. of America were worth $6,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Packaging Co. of America by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 869,341 shares of the industrial products company’s stock worth $164,985,000 after acquiring an additional 42,465 shares during the last quarter. Ancora Advisors LLC grew its position in Packaging Co. of America by 5.1% during the 1st quarter. Ancora Advisors LLC now owns 5,109 shares of the industrial products company’s stock worth $970,000 after purchasing an additional 250 shares during the last quarter. Meiji Yasuda Life Insurance Co acquired a new position in Packaging Co. of America during the 1st quarter valued at approximately $247,000. Tidal Investments LLC raised its holdings in shares of Packaging Co. of America by 19.7% in the first quarter. Tidal Investments LLC now owns 21,285 shares of the industrial products company’s stock worth $4,039,000 after buying an additional 3,507 shares during the last quarter. Finally, Alethea Capital Management LLC acquired a new stake in shares of Packaging Co. of America during the first quarter worth $550,000. 89.78% of the stock is owned by institutional investors and hedge funds.

Packaging Co. of America Price Performance

Shares of PKG opened at $246.45 on Tuesday. The business’s 50-day moving average is $225.48 and its two-hundred day moving average is $203.08. The company has a market capitalization of $22.13 billion, a P/E ratio of 28.83, a P/E/G ratio of 3.46 and a beta of 0.76. Packaging Co. of America has a fifty-two week low of $153.58 and a fifty-two week high of $250.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PKG. 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 research report on Wednesday, October 2nd. Wells Fargo & Company increased their price objective 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 cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Truist Financial reiterated a “buy” rating and issued a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $221.60.

Insider Transactions at Packaging Co. of America

In other news, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at $3,777,145. This represents a 33.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul T. Stecko sold 10,500 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the sale, the director now owns 8,881 shares in the company, valued at $2,175,045.71. This trade represents a 54.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock valued at $7,500,905 in the last 90 days. 1.70% of the stock is currently owned by company insiders.

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.