Texas Permanent School Fund Corp Cuts Stake in Packaging Co. of America (NYSE:PKG)

Texas Permanent School Fund Corp trimmed its holdings in shares of Packaging Co. of America (NYSE:PKG) by 20.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,715 shares of the industrial products company’s stock after selling 3,672 shares during the period. Texas Permanent School Fund Corp’s holdings in Packaging Co. of America were worth $2,686,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PKG. Victory Capital Management Inc. grew its holdings in shares of 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 acquiring an additional 41,903 shares during the period. FIL Ltd grew its position in shares of Packaging Co. of America by 2.6% during the fourth quarter. FIL Ltd now owns 2,210,000 shares of the industrial products company’s stock valued at $360,031,000 after purchasing an additional 55,000 shares in the last quarter. Boston Partners grew its holdings 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 valued at $274,421,000 after buying an additional 477,487 shares in the last quarter. Northern Trust Corp increased its position in Packaging Co. of America by 2.4% in the fourth quarter. Northern Trust Corp now owns 1,182,797 shares of the industrial products company’s stock worth $192,689,000 after purchasing an additional 27,974 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Packaging Co. of America in the 4th quarter worth about $163,314,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Packaging Co. of America 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 transaction, the executive vice president now owns 25,539 shares in the company, valued at $5,012,794.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Charles J. Carter sold 5,389 shares of the business’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 in the company, valued at $5,012,794.92. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. 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. StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Bank of America upped 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 note on Monday, June 17th. Truist Financial upped their target price on Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Wells Fargo & Company increased their price target on shares of 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Packaging Co. of America has an average rating of “Hold” and an average price target of $190.50.

Packaging Co. of America Trading Up 2.0 %

NYSE:PKG opened at $214.57 on Tuesday. The firm has a fifty day simple moving average of $197.83 and a 200-day simple moving average of $187.92. Packaging Co. of America has a 12 month low of $143.82 and a 12 month high of $217.69. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $19.27 billion, a P/E ratio of 26.82, a PEG ratio of 4.10 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating 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 business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the business posted $2.31 EPS. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts anticipate that Packaging Co. of America will post 8.72 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be given a $1.25 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.33%. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

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.