Charles Schwab Investment Management Inc. Acquires 98,223 Shares of Packaging Co. of America (NYSE:PKG)

Charles Schwab Investment Management Inc. raised its position in Packaging Co. of America (NYSE:PKG) by 3.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,937,113 shares of the industrial products company’s stock after buying an additional 98,223 shares during the period. Charles Schwab Investment Management Inc. owned about 3.27% of Packaging Co. of America worth $632,654,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PKG. Asset Dedication LLC grew its stake in shares of Packaging Co. of America by 200.0% during the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares during the period. Central Pacific Bank Trust Division bought a new position in shares of Packaging Co. of America in the 3rd quarter valued at about $32,000. Tortoise Investment Management LLC bought a new position in shares of Packaging Co. of America during the 2nd quarter worth approximately $33,000. Strategic Financial Concepts LLC acquired a new stake in shares of Packaging Co. of America during the 2nd quarter worth about $50,000. Finally, Assetmark Inc. increased its stake in shares of Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 83 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Stock Up 0.5 %

Shares of NYSE PKG opened at $245.30 on Friday. The business has a 50-day simple moving average of $224.10 and a two-hundred day simple moving average of $201.79. Packaging Co. of America has a 52 week low of $152.99 and a 52 week high of $248.62. The company has a market cap of $22.03 billion, a P/E ratio of 28.59, a P/E/G ratio of 3.35 and a beta of 0.76. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

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 for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the company posted $2.05 EPS. Packaging Co. of America’s quarterly revenue was up 14.9% compared to the same quarter last year. Research analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a dividend of $1.25 per share. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.04%. Packaging Co. of America’s dividend payout ratio (DPR) is 58.28%.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.62, for a total value of $3,007,750.00. Following the completion of the transaction, the chief financial officer now owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at approximately $3,777,145. This trade represents 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.

Analyst Ratings Changes

PKG has been the subject of a number of recent analyst reports. Citigroup upped 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. Truist Financial restated a “buy” rating and set 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. Wells Fargo & Company increased 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 report on Thursday, October 24th. Finally, StockNews.com downgraded shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Company 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.