Ritholtz Wealth Management Has $893,000 Stock Holdings in Packaging Co. of America (NYSE:PKG)

Ritholtz Wealth Management cut its stake in Packaging Co. of America (NYSE:PKG) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,889 shares of the industrial products company’s stock after selling 145 shares during the period. Ritholtz Wealth Management’s holdings in Packaging Co. of America were worth $893,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Packaging Co. of America during the 4th quarter worth about $163,314,000. Boston Partners increased its holdings in Packaging Co. of America by 49.3% in 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 in the last quarter. Balyasny Asset Management L.P. lifted its stake in Packaging Co. of America by 175.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 438,285 shares of the industrial products company’s stock valued at $71,401,000 after buying an additional 279,059 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Packaging Co. of America by 31.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 783,619 shares of the industrial products company’s stock worth $127,659,000 after buying an additional 189,401 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Packaging Co. of America during the 1st quarter worth approximately $23,951,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Charles J. Carter sold 5,389 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the completion of the sale, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America 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 sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The sale was disclosed in a legal filing with the SEC, which is accessible 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 transaction, 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. Insiders own 1.60% of the company’s stock.

Packaging Co. of America Price Performance

PKG stock opened at $206.08 on Wednesday. The company has a market capitalization of $18.51 billion, a P/E ratio of 25.76, a price-to-earnings-growth ratio of 5.41 and a beta of 0.77. Packaging Co. of America has a 52-week low of $143.82 and a 52-week high of $210.11. The business has a 50-day simple moving average of $193.19 and a two-hundred day simple moving average of $185.85. 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 earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share (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 firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the business posted $2.31 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. Research analysts expect that Packaging Co. of America will post 8.72 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be given a dividend of $1.25 per share. The ex-dividend date is Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.43%. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PKG. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Bank of America increased their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Citigroup boosted their target price on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Wells Fargo & Company increased their price target on Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Truist Financial raised their price objective 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. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Packaging Co. of America has an average rating of “Hold” and an average price target of $190.50.

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.