Packaging Co. of America (NYSE:PKG) Stock Position Lessened by CacheTech Inc.

by · The Cerbat Gem

CacheTech Inc. reduced its stake in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,182 shares of the industrial products company’s stock after selling 256 shares during the quarter. CacheTech Inc.’s holdings in Packaging Co. of America were worth $901,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Stephens Inc. AR raised its position in shares of Packaging Co. of America by 3.1% during the 3rd quarter. Stephens Inc. AR now owns 81,907 shares of the industrial products company’s stock worth $17,643,000 after buying an additional 2,452 shares in the last quarter. Cigna Investments Inc. New acquired a new position in shares of Packaging Co. of America during the third quarter valued at approximately $200,000. AustralianSuper Pty Ltd acquired a new position in shares of Packaging Co. of America during the third quarter valued at approximately $1,461,000. US Bancorp DE raised its holdings in Packaging Co. of America by 0.4% during the third quarter. US Bancorp DE now owns 45,432 shares of the industrial products company’s stock worth $9,786,000 after purchasing an additional 193 shares in the last quarter. Finally, Diversify Wealth Management LLC acquired a new stake in Packaging Co. of America in the third quarter worth approximately $10,526,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Shares of PKG opened at $229.99 on Friday. The firm’s 50 day moving average is $214.85 and its 200-day moving average is $195.67. The stock has a market capitalization of $20.66 billion, a P/E ratio of 26.81, a P/E/G ratio of 3.24 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. Packaging Co. of America has a 12-month low of $148.50 and a 12-month high of $232.98.

Packaging Co. of America (NYSE:PKG – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the company posted $2.05 earnings per share. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities research analysts anticipate that Packaging Co. of America will post 9 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s payout ratio is 58.28%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PKG shares. Citigroup lifted their price target on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lifted their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Truist Financial reissued a “buy” rating and issued a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Finally, StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $221.60.

Check Out Our Latest Stock Analysis on PKG

Packaging Co. of America Profile

(Free Report)

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.

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