Daiwa Securities Group Inc. Raises Holdings in Packaging Co. of America (NYSE:PKG)

Daiwa Securities Group Inc. boosted its stake in shares of Packaging Co. of America (NYSE:PKG) by 12.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,941 shares of the industrial products company’s stock after acquiring an additional 1,228 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Packaging Co. of America were worth $2,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PKG. Asset Dedication LLC raised its position in Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 112 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in Packaging Co. of America during the 3rd quarter valued at approximately $32,000. Tortoise Investment Management LLC bought a new position in Packaging Co. of America during the 2nd quarter valued at approximately $33,000. Larson Financial Group LLC raised its position in Packaging Co. of America by 234.7% during the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 115 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in Packaging Co. of America during the 2nd quarter valued at approximately $50,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Stock Performance

Packaging Co. of America stock opened at $247.03 on Friday. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $22.18 billion, a P/E ratio of 28.79, a PEG ratio of 3.47 and a beta of 0.76. The stock’s 50 day moving average is $226.87 and its 200 day moving average is $203.86. Packaging Co. of America has a twelve month low of $156.87 and a twelve month high of $250.82.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results 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. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.05 EPS. On average, equities research analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Packaging Co. of America news, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction on 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 in the company, valued at approximately $3,777,145. This trade represents a 33.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock worth $7,500,905 in the last 90 days. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

PKG has been the subject of a number of recent analyst reports. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Truist Financial reissued a “buy” rating and issued a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Citigroup increased their target price on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, 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 report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $221.60.

About Packaging Co. of America

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.