Envestnet Asset Management Inc. Boosts Stake in Packaging Co. of America (NYSE:PKG)

Envestnet Asset Management Inc. raised its position in Packaging Co. of America (NYSE:PKG) by 6.6% during the second quarter, HoldingsChannel.com reports. The firm owned 226,832 shares of the industrial products company’s stock after buying an additional 14,010 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Packaging Co. of America were worth $41,411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PKG. Norges Bank acquired a new position in Packaging Co. of America during the fourth quarter valued at approximately $163,314,000. PNC Financial Services Group Inc. raised its stake in shares of Packaging Co. of America by 2.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 60,703 shares of the industrial products company’s stock valued at $9,889,000 after acquiring an additional 1,392 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Packaging Co. of America by 37.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 3,389 shares of the industrial products company’s stock valued at $552,000 after acquiring an additional 928 shares in the last quarter. Balentine LLC purchased a new stake in Packaging Co. of America during the 4th quarter worth $228,000. Finally, Franklin Resources Inc. increased its holdings in Packaging Co. of America by 8.2% in the 4th quarter. Franklin Resources Inc. now owns 157,739 shares of the industrial products company’s stock valued at $25,697,000 after purchasing an additional 11,932 shares in the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Packaging Co. of America Trading Up 1.5 %

PKG opened at $215.58 on Friday. The stock has a market capitalization of $19.36 billion, a PE ratio of 26.95, a P/E/G ratio of 4.10 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. Packaging Co. of America has a 12-month low of $143.82 and a 12-month high of $217.69. The firm’s fifty day moving average price is $199.22 and its 200 day moving average price is $188.32.

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 the consensus estimate of $2.14 by $0.06. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.31 earnings per share. As a group, research analysts expect that Packaging Co. of America will post 8.72 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.32%. Packaging Co. of America’s dividend payout ratio (DPR) is 62.50%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Citigroup upped their target price on Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. Wells Fargo & Company upped their price target on Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Thursday. Truist Financial upped their target price 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, Bank of America lifted their price target 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. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $190.50.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction on Thursday, July 25th. The shares were 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 the SEC website. In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 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 value of $1,057,752.92. Following the completion of the transaction, the executive vice president now directly owns 25,539 shares in the company, valued at $5,012,794.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Donald R. Shirley sold 6,000 shares of the stock in a transaction that occurred on 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 sale, the senior vice president now 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.