PNC Financial Services Group Inc. Purchases 735 Shares of Packaging Co. of America (NYSE:PKG)

PNC Financial Services Group Inc. increased its position in Packaging Co. of America (NYSE:PKG) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,254 shares of the industrial products company’s stock after purchasing an additional 735 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of Packaging Co. of America worth $12,979,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PKG. Victory Capital Management Inc. grew its holdings in Packaging Co. of America by 1.5% in 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 purchasing an additional 41,903 shares during the period. Boston Partners grew its stake in shares of Packaging Co. of America by 49.3% in 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 during the last quarter. Dimensional Fund Advisors LP grew its stake 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 buying an additional 86,005 shares during the last quarter. Millennium Management LLC increased its position in Packaging Co. of America by 34.3% during 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 buying an additional 262,315 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in 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 valued at $164,985,000 after buying an additional 42,465 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Insider Transactions at Packaging Co. of America

In other Packaging Co. of America news, SVP Donald R. Shirley sold 8,000 shares of the firm’s stock in a transaction dated 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 directly owns 15,725 shares of the company’s stock, valued at $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was 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 directly owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,000 shares of company stock valued at $7,500,905 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Packaging Co. of America Stock Up 0.5 %

PKG stock opened at $246.43 on Friday. The company has a market cap of $22.13 billion, a price-to-earnings ratio of 28.72, a P/E/G ratio of 3.35 and a beta of 0.76. 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 business’s 50-day moving average is $224.82 and its two-hundred day moving average is $202.27. Packaging Co. of America has a fifty-two week low of $153.58 and a fifty-two week high of $248.62.

Packaging Co. of America (NYSE:PKG) last issued 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. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the business earned $2.05 EPS. The business’s quarterly revenue was up 14.9% on a year-over-year basis. As a group, analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were paid a dividend of $1.25 per share. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.03%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 58.28%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wells Fargo & Company increased their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Truist Financial reissued a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Citigroup lifted their target price 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. Finally, StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $221.60.

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.