Quarry LP Buys 255 Shares of Packaging Co. of America (NYSE:PKG)

Quarry LP increased its stake in shares of Packaging Co. of America (NYSE:PKG) by 95.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 521 shares of the industrial products company’s stock after purchasing an additional 255 shares during the quarter. Quarry LP’s holdings in Packaging Co. of America were worth $95,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Boston Partners boosted its holdings in shares of 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 worth $274,421,000 after purchasing an additional 477,487 shares during the period. Balyasny Asset Management L.P. lifted its holdings in Packaging Co. of America by 175.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 438,285 shares of the industrial products company’s stock worth $71,401,000 after buying an additional 279,059 shares during the period. Millennium Management LLC lifted its holdings in Packaging Co. of America by 34.3% in the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after buying an additional 262,315 shares during the period. AQR Capital Management LLC increased its stake in shares of Packaging Co. of America by 164.3% during the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company’s stock valued at $73,272,000 after buying an additional 249,483 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Packaging Co. of America by 31.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 783,619 shares of the industrial products company’s stock valued at $127,659,000 after acquiring an additional 189,401 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on PKG shares. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Saturday, September 28th. Bank of America boosted 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 research report on Monday, June 17th. Truist Financial increased their price target 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. Citigroup lifted their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their target price on Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $196.17.

Insider Activity at Packaging Co. of America

In other news, EVP Charles J. Carter sold 5,389 shares of the company’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 value of $1,057,752.92. Following the transaction, the executive vice president now 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 available at this link. In other news, EVP Charles J. Carter sold 5,389 shares of the business’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 $5,012,794.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Donald R. Shirley sold 6,000 shares of the company’s 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 transaction, the senior vice president now directly owns 20,772 shares in the company, valued at $4,077,128.16. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Packaging Co. of America Price Performance

Shares of NYSE PKG opened at $212.80 on Thursday. The company has a 50 day simple moving average of $204.15 and a two-hundred day simple moving average of $190.40. Packaging Co. of America has a fifty-two week low of $143.82 and a fifty-two week high of $217.69. The company has a market capitalization of $19.11 billion, a price-to-earnings ratio of 26.60, a P/E/G ratio of 4.24 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43.

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

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 yield of 2.35%. 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.