Packaging Co. of America (NYSE:PKG) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lowered its position in Packaging Co. of America (NYSE:PKG) by 20.7% during the third quarter, HoldingsChannel.com reports. The fund owned 26,501 shares of the industrial products company’s stock after selling 6,900 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Packaging Co. of America were worth $5,708,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Forsta AP Fonden boosted its position in Packaging Co. of America by 4.5% during the third quarter. Forsta AP Fonden now owns 18,700 shares of the industrial products company’s stock worth $4,028,000 after purchasing an additional 800 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Packaging Co. of America by 6.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,331 shares of the industrial products company’s stock worth $15,386,000 after buying an additional 4,292 shares during the last quarter. Allworth Financial LP boosted its position in shares of Packaging Co. of America by 65.1% in the 3rd quarter. Allworth Financial LP now owns 312 shares of the industrial products company’s stock worth $67,000 after buying an additional 123 shares in the last quarter. Dumont & Blake Investment Advisors LLC acquired a new stake in Packaging Co. of America in the 3rd quarter valued at about $202,000. Finally, Assenagon Asset Management S.A. increased its holdings in Packaging Co. of America by 0.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 74,487 shares of the industrial products company’s stock valued at $16,044,000 after acquiring an additional 320 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PKG has been the topic of a number of analyst reports. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. 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, October 2nd. Truist Financial reissued a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, Wells Fargo & Company increased their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.60.

Packaging Co. of America Price Performance

Packaging Co. of America stock opened at $228.79 on Thursday. The firm has a fifty day moving average of $213.79 and a 200-day moving average of $195.09. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $231.30. 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 firm has a market capitalization of $20.55 billion, a P/E ratio of 28.60, a PEG ratio of 3.20 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 EPS. As a group, analysts predict that Packaging Co. of America will post 9 EPS for the current year.

Packaging Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.19%. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

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.