CIBC Asset Management Inc Sells 183 Shares of Packaging Co. of America (NYSE:PKG)

CIBC Asset Management Inc trimmed its position in shares of Packaging Co. of America (NYSE:PKG) by 1.2% during the 2nd quarter, Holdings Channel reports. The firm owned 14,705 shares of the industrial products company’s stock after selling 183 shares during the period. CIBC Asset Management Inc’s holdings in Packaging Co. of America were worth $2,685,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CANADA LIFE ASSURANCE Co raised its position in shares of Packaging Co. of America by 4.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock valued at $13,419,000 after purchasing an additional 3,078 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Packaging Co. of America by 30.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock valued at $17,168,000 after acquiring an additional 21,143 shares during the last quarter. Cim LLC bought a new stake in Packaging Co. of America in the 4th quarter valued at $2,003,000. Summit Financial Strategies Inc. increased its holdings in Packaging Co. of America by 5.5% in the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock valued at $42,809,000 after acquiring an additional 12,129 shares during the last quarter. Finally, AXS Investments LLC bought a new stake in Packaging Co. of America in the 4th quarter valued at $766,000. 89.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Bank of America lifted their price target on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 17th. Wells Fargo & Company lifted their price target on shares of Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Citigroup lifted their price objective on shares of Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Finally, Truist Financial lifted their price objective on shares of Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $190.50.

Insider Buying and Selling

In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the sale, the executive vice president now owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Donald R. Shirley sold 6,000 shares of the business’s 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 sale, the senior vice president now directly owns 20,772 shares in the company, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Packaging Co. of America Price Performance

Packaging Co. of America stock opened at $203.98 on Friday. Packaging Co. of America has a 1 year low of $143.82 and a 1 year high of $210.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. The stock has a market cap of $18.32 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 5.41 and a beta of 0.77. The firm has a 50-day moving average of $193.97 and a two-hundred day moving average of $186.11.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating 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 business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the business posted $2.31 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, research analysts forecast that Packaging Co. of America will post 8.72 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.25 per share. The ex-dividend date is Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.45%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 62.50%.

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.