Packaging Co. of America (NYSE:PKG) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its position in shares of Packaging Co. of America (NYSE:PKG) by 32.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,367 shares of the industrial products company’s stock after selling 15,017 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Packaging Co. of America were worth $5,726,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in Packaging Co. of America by 1.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock worth $520,920,000 after buying an additional 41,903 shares in the last quarter. FIL Ltd increased its stake in Packaging Co. of America by 2.6% during the 4th quarter. FIL Ltd now owns 2,210,000 shares of the industrial products company’s stock worth $360,031,000 after buying an additional 55,000 shares in the last quarter. Boston Partners increased its stake in Packaging Co. of America by 49.3% during the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock worth $274,421,000 after buying an additional 477,487 shares in the last quarter. Northern Trust Corp increased its stake in Packaging Co. of America by 2.4% during the 4th quarter. Northern Trust Corp now owns 1,182,797 shares of the industrial products company’s stock worth $192,689,000 after buying an additional 27,974 shares in the last quarter. Finally, Norges Bank purchased a new stake in Packaging Co. of America during the 4th quarter worth approximately $163,314,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Stock Up 0.9 %

NYSE:PKG opened at $210.27 on Monday. 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 stock’s fifty day moving average is $197.12 and its two-hundred day moving average is $187.69. Packaging Co. of America has a 52 week low of $143.82 and a 52 week high of $211.90. The stock has a market capitalization of $18.88 billion, a price-to-earnings ratio of 26.28, a price-to-earnings-growth ratio of 4.03 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.02 billion. During the same period in the prior year, the firm earned $2.31 earnings per share. The firm’s revenue was up 6.3% compared to the same quarter last year. Research analysts anticipate that Packaging Co. of America will post 8.72 EPS for the current year.

Packaging Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders 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 2.38%. The ex-dividend date of this dividend is Monday, September 16th. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

Wall Street Analyst Weigh In

PKG has been the subject of several research reports. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Truist Financial upped their price target on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Citigroup upped their price target 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. Bank of America upped their price target on 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. Finally, Wells Fargo & Company upped their price target on Packaging Co. of America from $194.00 to $215.00 and gave the company 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 issued a buy rating to the stock. According to data from MarketBeat, Packaging Co. of America has an average rating of “Hold” and a consensus target price of $190.50.

Insider Buying and Selling at Packaging Co. of America

In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of the firm’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 $1,177,680.00. Following the sale, the senior vice president now directly owns 20,772 shares in the company, valued at $4,077,128.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Charles J. Carter sold 5,389 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Donald R. Shirley sold 6,000 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 20,772 shares in the company, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

Packaging Co. of America 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.