Kentucky Retirement Systems Sells 506 Shares of Packaging Co. of America (NYSE:PKG)

Kentucky Retirement Systems lessened its position in shares of Packaging Co. of America (NYSE:PKG) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,212 shares of the industrial products company’s stock after selling 506 shares during the period. Kentucky Retirement Systems’ holdings in Packaging Co. of America were worth $1,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Asset Dedication LLC boosted its holdings in shares of Packaging Co. of America by 200.0% in 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 in the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Packaging Co. of America during the 3rd quarter worth $32,000. Tortoise Investment Management LLC bought a new stake in shares of Packaging Co. of America during the 2nd quarter worth $33,000. Strategic Financial Concepts LLC acquired a new stake in Packaging Co. of America in the second quarter valued at about $50,000. Finally, Assetmark Inc. grew its position in Packaging Co. of America by 44.6% in the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 83 shares during the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Trading Up 1.0 %

PKG opened at $238.11 on Tuesday. Packaging Co. of America has a twelve month low of $148.50 and a twelve month high of $245.00. The company has a fifty day moving average of $221.90 and a 200-day moving average of $200.74. The stock has a market cap of $21.38 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 3.31 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 issued its quarterly 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. The firm had revenue of $2.18 billion during 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 business’s revenue was up 14.9% compared to the same quarter last year. During the same period last year, the business posted $2.05 EPS. On average, sell-side analysts predict that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Announces Dividend

The firm also recently declared 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. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s payout ratio is 58.28%.

Insider Transactions at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total value of $1,921,600.00. Following the completion of the transaction, the senior vice president now owns 15,725 shares in the company, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PKG shares. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Wells Fargo & Company boosted their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Citigroup raised their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Packaging Co. of America currently has an average rating of “Moderate Buy” 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.