Chevy Chase Trust Holdings LLC Sells 589 Shares of Packaging Co. of America (NYSE:PKG)

Chevy Chase Trust Holdings LLC reduced its holdings in Packaging Co. of America (NYSE:PKG) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,694 shares of the industrial products company’s stock after selling 589 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Packaging Co. of America were worth $8,890,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Tokio Marine Asset Management Co. Ltd. lifted its position in Packaging Co. of America by 2.8% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,160 shares of the industrial products company’s stock valued at $410,000 after acquiring an additional 59 shares in the last quarter. Mather Group LLC. raised its stake in shares of Packaging Co. of America by 3.0% in the 4th quarter. Mather Group LLC. now owns 2,263 shares of the industrial products company’s stock valued at $369,000 after purchasing an additional 66 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Packaging Co. of America by 60.5% in the fourth quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 69 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its position in shares of Packaging Co. of America by 2.4% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,193 shares of the industrial products company’s stock worth $520,000 after buying an additional 75 shares during the period. Finally, Savant Capital LLC grew its holdings in shares of Packaging Co. of America by 2.7% during the fourth quarter. Savant Capital LLC now owns 3,098 shares of the industrial products company’s stock worth $505,000 after buying an additional 81 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Citigroup boosted their target price on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Bank of America increased their target price on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Truist Financial lifted their price target on shares of Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $190.50.

Packaging Co. of America Price Performance

Shares of PKG opened at $201.09 on Thursday. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The company’s fifty day simple moving average is $189.24 and its 200 day simple moving average is $183.08. Packaging Co. of America has a 1-year low of $143.82 and a 1-year high of $201.99. The company has a market cap of $18.06 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 5.03 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.06. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the business earned $2.31 EPS. Packaging Co. of America’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, research analysts forecast that Packaging Co. of America will post 8.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Packaging Co. of America

In other news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the transaction, the senior vice president now directly owns 20,772 shares in the company, valued at approximately $4,077,128.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,057,752.92. Following the transaction, the executive vice president now owns 25,539 shares in the company, valued at approximately $5,012,794.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Donald R. Shirley sold 6,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the transaction, the senior vice president now directly owns 20,772 shares in the company, valued at $4,077,128.16. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

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.