CIBC Asset Management Inc Increases Stock Position in Packaging Co. of America (NYSE:PKG)

CIBC Asset Management Inc increased its position in shares of Packaging Co. of America (NYSE:PKG) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,239 shares of the industrial products company’s stock after buying an additional 534 shares during the period. CIBC Asset Management Inc’s holdings in Packaging Co. of America were worth $3,282,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings 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 purchasing an additional 41,903 shares during the last quarter. Boston Partners lifted its stake in Packaging Co. of America by 49.3% during 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 during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Packaging Co. of America by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock worth $210,636,000 after purchasing an additional 86,005 shares during the period. Millennium Management LLC raised its holdings in shares of Packaging Co. of America by 34.3% during the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after purchasing an additional 262,315 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Packaging Co. of America by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 869,341 shares of the industrial products company’s stock worth $164,985,000 after purchasing an additional 42,465 shares during the period. Institutional investors and hedge funds own 89.78% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Robert P. Mundy sold 12,500 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 43,954 shares in the company, valued at $10,576,211.48. The trade was a 22.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was 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 of the company’s stock, 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. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on PKG. Wells Fargo & Company boosted their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Citigroup increased their price target on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $221.60.

Packaging Co. of America Stock Up 1.0 %

Shares of Packaging Co. of America stock opened at $238.11 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. Packaging Co. of America has a 1-year low of $148.50 and a 1-year high of $245.00. The business’s fifty day moving average price is $221.90 and its two-hundred day moving average price is $200.74. The company has a market capitalization of $21.38 billion, a P/E ratio of 27.75, a PEG ratio of 3.31 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.15. The business 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 quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.05 earnings per share. As a group, research analysts forecast that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.10%. Packaging Co. of America’s payout ratio is 58.28%.

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.