Millennium Management LLC Purchases 262,315 Shares of Packaging Co. of America (NYSE:PKG)

Millennium Management LLC raised its holdings in shares of Packaging Co. of America (NYSE:PKG) by 34.3% during the second quarter, Holdings Channel reports. The fund owned 1,027,585 shares of the industrial products company’s stock after buying an additional 262,315 shares during the period. Millennium Management LLC’s holdings in Packaging Co. of America were worth $187,596,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co grew its position in 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 worth $13,419,000 after acquiring an additional 3,078 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Packaging Co. of America by 30.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock worth $17,168,000 after purchasing an additional 21,143 shares during the last quarter. Cim LLC bought a new stake in Packaging Co. of America during the 4th quarter valued at $2,003,000. Summit Financial Strategies Inc. raised its holdings in Packaging Co. of America by 5.5% during 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 buying an additional 12,129 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in Packaging Co. of America by 6.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock valued at $41,839,000 after buying an additional 14,277 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PKG. Wells Fargo & Company upped their price objective on shares of Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Citigroup increased their price objective on Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a report on Monday, July 8th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Saturday. 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. Finally, Truist Financial upped 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 report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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 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 transaction of $1,177,680.00. Following the transaction, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $4,077,128.16. The transaction was disclosed in a legal filing with the SEC, which is available 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 transaction of $1,057,752.92. Following the sale, 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. 1.60% of the stock is currently owned by insiders.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock opened at $215.67 on Friday. Packaging Co. of America has a 12 month low of $143.82 and a 12 month high of $217.69. The firm has a market capitalization of $19.37 billion, a P/E ratio of 26.96, a P/E/G ratio of 4.22 and a beta of 0.77. 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 business has a fifty day simple moving average of $202.87 and a two-hundred day simple moving average of $189.73.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data 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. 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 for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the firm posted $2.31 earnings per share. Packaging Co. of America’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities analysts forecast that Packaging Co. of America will post 8.72 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

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

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.