AGF Management Ltd. Decreases Stake in Packaging Co. of America (NYSE:PKG)

AGF Management Ltd. lowered its holdings in Packaging Co. of America (NYSE:PKG) by 3.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,890 shares of the industrial products company’s stock after selling 483 shares during the quarter. AGF Management Ltd.’s holdings in Packaging Co. of America were worth $2,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Victory Capital Management Inc. raised its stake in shares of Packaging Co. of America by 1.5% in the second quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock worth $520,920,000 after purchasing an additional 41,903 shares during the last quarter. FIL Ltd raised its stake in shares of Packaging Co. of America by 2.6% in the fourth quarter. FIL Ltd now owns 2,210,000 shares of the industrial products company’s stock worth $360,031,000 after purchasing an additional 55,000 shares during the last quarter. Boston Partners increased its position in Packaging Co. of America by 49.3% during the first quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock valued at $274,421,000 after acquiring an additional 477,487 shares during the last quarter. Northern Trust Corp increased its position in Packaging Co. of America by 2.4% during the fourth quarter. Northern Trust Corp now owns 1,182,797 shares of the industrial products company’s stock valued at $192,689,000 after acquiring an additional 27,974 shares during the last quarter. Finally, Norges Bank purchased a new stake in Packaging Co. of America during the fourth quarter valued at $163,314,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PKG. Wells Fargo & Company upped their price objective on Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday. Citigroup upped their price objective on 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. Bank of America upped their price objective on Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Finally, Truist Financial upped their price objective on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $190.50.

Packaging Co. of America Stock Performance

Shares of PKG opened at $210.33 on Friday. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The business has a 50-day simple moving average of $197.12 and a two-hundred day simple moving average of $187.52. The stock has a market cap of $18.89 billion, a price-to-earnings ratio of 26.29, a PEG ratio of 4.03 and a beta of 0.77. Packaging Co. of America has a 52 week low of $143.82 and a 52 week high of $211.90.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.06. The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.31 earnings per share. On average, analysts expect that Packaging Co. of America will post 8.72 EPS for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

Insider Transactions at Packaging Co. of America

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

About Packaging Co. of America

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.