Kingsview Wealth Management LLC Reduces Stock Holdings in Packaging Co. of America (NYSE:PKG)

Kingsview Wealth Management LLC trimmed its position in shares of Packaging Co. of America (NYSE:PKG) by 15.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,389 shares of the industrial products company’s stock after selling 611 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Packaging Co. of America were worth $730,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Deseret Mutual Benefit Administrators grew its position in Packaging Co. of America by 15.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 49 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in Packaging Co. of America by 1.4% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company’s stock worth $704,000 after buying an additional 54 shares during the period. Huntington National Bank lifted its holdings in Packaging Co. of America by 0.5% during the 3rd quarter. Huntington National Bank now owns 10,075 shares of the industrial products company’s stock valued at $2,170,000 after buying an additional 55 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Packaging Co. of America by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company’s stock valued at $1,773,000 after buying an additional 56 shares in the last quarter. Finally, Moors & Cabot Inc. boosted its position in Packaging Co. of America by 2.1% in the 2nd quarter. Moors & Cabot Inc. now owns 2,689 shares of the industrial products company’s stock valued at $491,000 after buying an additional 56 shares during the period. Institutional investors own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PKG. Citigroup lifted their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company upped 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. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $221.60.

Packaging Co. of America Trading Down 0.4 %

Shares of NYSE PKG opened at $247.03 on Thursday. Packaging Co. of America has a 1-year low of $156.87 and a 1-year high of $250.82. The business has a fifty day moving average price of $226.17 and a 200 day moving average price of $203.56. The stock has a market capitalization of $22.18 billion, a P/E ratio of 28.73, a price-to-earnings-growth ratio of 3.47 and a beta of 0.76. 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 (NYSE:PKG) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations 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 revenue was up 14.9% compared to the same quarter last year. During the same period last year, the business earned $2.05 EPS. Equities research analysts expect that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the company’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 transaction of $3,007,750.00. Following the transaction, the chief financial officer now owns 43,954 shares in the company, valued at approximately $10,576,211.48. This represents a 22.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul T. Stecko sold 10,500 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the completion of the transaction, the director now directly owns 8,881 shares of the company’s stock, valued at approximately $2,175,045.71. This represents a 54.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,000 shares of company stock valued at $7,500,905. 1.60% of the stock is currently owned by 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.