Van ECK Associates Corp Sells 332 Shares of Packaging Co. of America (NYSE:PKG)

Van ECK Associates Corp trimmed its holdings in shares of Packaging Co. of America (NYSE:PKG) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,647 shares of the industrial products company’s stock after selling 332 shares during the quarter. Van ECK Associates Corp’s holdings in Packaging Co. of America were worth $2,309,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rothschild Investment LLC bought a new stake in shares of Packaging Co. of America in the second quarter worth $80,000. Forum Financial Management LP bought a new stake in shares of Packaging Co. of America in the 2nd quarter valued at about $212,000. International Assets Investment Management LLC bought a new position in shares of Packaging Co. of America during the second quarter worth about $69,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Packaging Co. of America by 1.6% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,704 shares of the industrial products company’s stock worth $1,589,000 after acquiring an additional 141 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Packaging Co. of America by 171.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 9,846 shares of the industrial products company’s stock worth $1,797,000 after acquiring an additional 6,218 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of 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 filing with the Securities & Exchange Commission, 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 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 directly owns 25,539 shares in the company, valued at $5,012,794.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Donald R. Shirley sold 6,000 shares of the firm’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 owns 20,772 shares of the company’s stock, 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 corporate insiders.

Packaging Co. of America Price Performance

PKG stock opened at $201.81 on Friday. 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 company’s 50-day moving average is $194.35 and its 200-day moving average is $186.34. The stock has a market capitalization of $18.12 billion, a PE ratio of 25.23, a price-to-earnings-growth ratio of 5.41 and a beta of 0.77. Packaging Co. of America has a 1 year low of $143.82 and a 1 year high of $210.11.

Packaging Co. of America (NYSE:PKG) last announced its 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 company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. Equities research analysts expect that Packaging Co. of America will post 8.72 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Monday, September 16th. Packaging Co. of America’s payout ratio is 62.50%.

Analyst Upgrades and Downgrades

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

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.