Perigon Wealth Management LLC Boosts Stake in Packaging Co. of America (NYSE:PKG)

Perigon Wealth Management LLC lifted its stake in Packaging Co. of America (NYSE:PKG) by 17.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,408 shares of the industrial products company’s stock after buying an additional 206 shares during the period. Perigon Wealth Management LLC’s holdings in Packaging Co. of America were worth $331,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PKG. Creative Planning lifted its stake in shares of Packaging Co. of America by 7.5% in the second quarter. Creative Planning now owns 16,308 shares of the industrial products company’s stock worth $2,977,000 after acquiring an additional 1,137 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of Packaging Co. of America by 3.0% during the second quarter. B. Riley Wealth Advisors Inc. now owns 3,772 shares of the industrial products company’s stock valued at $693,000 after purchasing an additional 111 shares during the last quarter. Truist Financial Corp grew its holdings in Packaging Co. of America by 1.4% in the 2nd quarter. Truist Financial Corp now owns 24,079 shares of the industrial products company’s stock worth $4,396,000 after buying an additional 341 shares in the last quarter. Cetera Investment Advisers grew its holdings in Packaging Co. of America by 1.8% in the 2nd quarter. Cetera Investment Advisers now owns 19,458 shares of the industrial products company’s stock worth $3,552,000 after buying an additional 349 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Packaging Co. of America in the 2nd quarter worth approximately $2,994,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Trading Down 0.8 %

Shares of NYSE:PKG opened at $212.49 on Monday. 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 stock’s 50-day moving average is $234.01 and its 200-day moving average is $220.60. Packaging Co. of America has a 52-week low of $159.57 and a 52-week high of $250.82. The company has a market cap of $19.08 billion, a P/E ratio of 23.80, a P/E/G ratio of 2.12 and a beta of 0.79.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. Equities research analysts predict that Packaging Co. of America will post 11.31 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Friday, December 20th. Packaging Co. of America’s dividend payout ratio is 55.99%.

Insider Activity

In related news, Director Paul T. Stecko sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the completion of the sale, the director now owns 8,881 shares of the company’s stock, valued at $2,175,045.71. This trade represents a 54.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Robert P. Mundy sold 12,500 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. This represents a 22.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,300 shares of company stock worth $8,064,152. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

PKG has been the subject of a number of research reports. Jefferies Financial Group raised Packaging Co. of America from a “hold” rating to a “buy” rating and increased their price target for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Wells Fargo & Company reduced their target price on Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating for the company in a report on Thursday. Truist Financial reiterated a “buy” rating and set a $265.00 price objective (down from $282.00) on shares of Packaging Co. of America in a report on Thursday. Citigroup increased their price objective on Packaging Co. of America from $232.00 to $235.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Finally, StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $233.00.

Packaging Co. of America Company Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.