Cannell & Co. Sells 4,760 Shares of Packaging Co. of America (NYSE:PKG)

Cannell & Co. cut its holdings in Packaging Co. of America (NYSE:PKG) by 9.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,890 shares of the industrial products company’s stock after selling 4,760 shares during the period. Cannell & Co.’s holdings in Packaging Co. of America were worth $7,150,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PKG. Louisiana State Employees Retirement System bought a new position in Packaging Co. of America in the 4th quarter valued at $880,000. International Assets Investment Management LLC boosted its holdings in Packaging Co. of America by 19,323.7% in the 4th quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock valued at $4,936,000 after purchasing an additional 30,145 shares during the period. AEGON ASSET MANAGEMENT UK Plc bought a new position in Packaging Co. of America in the 4th quarter valued at $16,338,000. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Packaging Co. of America by 60.4% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,020 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 1,890 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Packaging Co. of America by 90.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,431 shares of the industrial products company’s stock valued at $2,188,000 after purchasing an additional 6,368 shares during the period. 89.78% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Thomas A. Hassfurther sold 14,191 shares of Packaging Co. of America stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the sale, the vice president now owns 183,930 shares of the company’s stock, valued at approximately $31,967,034. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Thomas A. Hassfurther sold 14,191 shares of Packaging Co. of America stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the sale, the vice president now owns 183,930 shares of the company’s stock, valued at approximately $31,967,034. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas A. Hassfurther sold 13,850 shares of Packaging Co. of America stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the sale, the vice president now directly owns 187,647 shares in the company, valued at approximately $33,975,365.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,041 shares of company stock valued at $6,799,177. Corporate insiders own 1.60% of the company’s stock.

Packaging Co. of America Price Performance

Shares of NYSE:PKG opened at $174.18 on Thursday. The stock has a market cap of $15.63 billion, a PE ratio of 21.77, a PEG ratio of 4.21 and a beta of 0.80. Packaging Co. of America has a 52 week low of $122.20 and a 52 week high of $191.27. The company has a quick ratio of 1.77, a current ratio of 2.57 and a debt-to-equity ratio of 0.62. The company’s fifty day moving average is $182.17 and its 200 day moving average is $168.74.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.09. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.91 billion. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.94%. The company’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm earned $2.20 EPS. Research analysts anticipate that Packaging Co. of America will post 8.21 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Thursday, March 14th. Packaging Co. of America’s payout ratio is 62.50%.

Analyst Ratings Changes

PKG has been the subject of several analyst reports. BNP Paribas downgraded shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price target for the company. in a report on Friday, April 12th. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Truist Financial raised their price objective on shares of Packaging Co. of America from $170.00 to $187.00 and gave the company a “buy” rating in a research report on Thursday, January 4th. Bank of America upgraded shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $172.00 to $202.00 in a research report on Monday, March 4th. Finally, Seaport Res Ptn cut shares of Packaging Co. of America from a “buy” rating to a “neutral” rating in a research report on Monday, January 29th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $173.57.

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.