The Manufacturers Life Insurance Company Has $13.47 Million Stake in Packaging Co. of America (NYSE:PKG)

The Manufacturers Life Insurance Company trimmed its stake in Packaging Co. of America (NYSE:PKG) by 0.1% in the second quarter, Holdings Channel.com reports. The firm owned 73,806 shares of the industrial products company’s stock after selling 87 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Packaging Co. of America were worth $13,474,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Register Financial Advisors LLC purchased a new stake in Packaging Co. of America in the 1st quarter worth approximately $25,000. Neo Ivy Capital Management purchased a new position in Packaging Co. of America in the fourth quarter valued at about $28,000. Asset Dedication LLC grew its stake in Packaging Co. of America by 200.0% in the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 112 shares in the last quarter. Tortoise Investment Management LLC acquired a new position in Packaging Co. of America in the 2nd quarter worth about $33,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Packaging Co. of America during the 1st quarter worth about $43,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Packaging Co. of America

In related news, SVP Donald R. Shirley sold 6,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the completion of the sale, the senior vice president now owns 20,772 shares in the company, valued at $4,077,128.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Packaging Co. of America news, 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 value of $1,177,680.00. Following the completion of the sale, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the executive vice president now directly owns 25,539 shares in the company, valued at approximately $5,012,794.92. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PKG shares. Truist Financial boosted their price target on 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. Citigroup increased their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday. Bank of America lifted their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. 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. Finally, Wells Fargo & Company boosted their price target 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $196.17.

Packaging Co. of America Trading Down 1.2 %

Packaging Co. of America stock opened at $212.80 on Thursday. Packaging Co. of America has a 52 week low of $143.82 and a 52 week high of $217.69. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The firm has a market capitalization of $19.11 billion, a PE ratio of 26.60, a PEG ratio of 4.24 and a beta of 0.77. The business’s 50-day simple moving average is $204.15 and its 200-day simple moving average is $190.40.

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. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the business posted $2.31 EPS. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. Equities research analysts forecast that Packaging Co. of America will post 8.72 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be given a $1.25 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.35%. Packaging Co. of America’s dividend 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.