Oppenheimer & Co. Inc. Has $422,000 Stock Holdings in Packaging Co. of America (NYSE:PKG)

Oppenheimer & Co. Inc. lowered its holdings in shares of Packaging Co. of America (NYSE:PKG) by 64.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,960 shares of the industrial products company’s stock after selling 3,567 shares during the period. Oppenheimer & Co. Inc.’s holdings in Packaging Co. of America were worth $422,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. CANADA LIFE ASSURANCE Co increased its holdings in shares of Packaging Co. of America by 4.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after buying an additional 3,078 shares in the last quarter. Summit Financial Strategies Inc. increased its holdings in Packaging Co. of America by 5.5% in the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after purchasing an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in Packaging Co. of America by 6.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock valued at $41,839,000 after purchasing an additional 14,277 shares during the last quarter. M&G Plc acquired a new stake in shares of Packaging Co. of America during the second quarter valued at about $840,000. Finally, Dai ichi Life Insurance Company Ltd grew its holdings in shares of Packaging Co. of America by 10.5% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 35,193 shares of the industrial products company’s stock worth $6,425,000 after purchasing an additional 3,355 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Stock Up 0.5 %

Shares of NYSE PKG opened at $245.30 on Friday. Packaging Co. of America has a 52-week low of $152.99 and a 52-week high of $248.62. 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 company’s 50 day moving average price is $224.10 and its 200-day moving average price is $201.79. The company has a market capitalization of $22.03 billion, a P/E ratio of 28.59, a price-to-earnings-growth ratio of 3.35 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. Packaging Co. of America’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities 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 firm also recently announced 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 of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.04%. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial reiterated a “buy” rating and issued a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday. Citigroup lifted their price target 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, Wells Fargo & Company boosted their price objective on shares of 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. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $221.60.

Insiders Place Their Bets

In other news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction 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 completion of the sale, the chief financial officer now 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 legal filing with the SEC, which is available through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the transaction, the senior vice president now owns 15,725 shares in the company, valued at $3,777,145. The trade was a 33.72 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate 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.