The Manufacturers Life Insurance Company Has $15.78 Million Holdings in Packaging Co. of America (NYSE:PKG)

The Manufacturers Life Insurance Company decreased its position in shares of Packaging Co. of America (NYSE:PKG) by 0.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 73,240 shares of the industrial products company’s stock after selling 566 shares during the period. The Manufacturers Life Insurance Company’s holdings in Packaging Co. of America were worth $15,776,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in Packaging Co. of America by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company’s stock valued at $632,654,000 after purchasing an additional 98,223 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Packaging Co. of America by 1.5% during the second quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock worth $520,920,000 after acquiring an additional 41,903 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Packaging Co. of America by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock worth $210,636,000 after acquiring an additional 86,005 shares during the last quarter. Millennium Management LLC lifted its position 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 valued at $187,596,000 after acquiring an additional 262,315 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Packaging Co. of America by 8.4% during the 3rd quarter. Principal Financial Group Inc. now owns 460,518 shares of the industrial products company’s stock valued at $99,194,000 after purchasing an additional 35,614 shares during the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PKG shares. Truist Financial restated a “buy” rating and issued a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Wells Fargo & Company increased their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Citigroup boosted 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 report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $248.85 on Monday. Packaging Co. of America has a fifty-two week low of $159.57 and a fifty-two week high of $250.82. The company’s 50-day moving average is $228.21 and its 200 day moving average is $204.79. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The company has a market capitalization of $22.35 billion, a P/E ratio of 29.00, a price-to-earnings-growth ratio of 3.49 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 9.46% and a return on equity of 19.10%. The company’s 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. On average, equities research analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current year.

Insider Buying and Selling at Packaging Co. of America

In other news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the completion of the transaction, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This trade represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the sale, the senior vice president now owns 15,725 shares in the company, valued at $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,000 shares of company stock worth $7,500,905 over the last ninety days. 1.60% of the stock is currently owned by company insiders.

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.