Camden National Bank Has $7.80 Million Stake in Packaging Co. of America (NYSE:PKG)

Camden National Bank decreased its holdings in shares of Packaging Co. of America (NYSE:PKG) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,221 shares of the industrial products company’s stock after selling 881 shares during the quarter. Camden National Bank’s holdings in Packaging Co. of America were worth $7,802,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Summit Financial Strategies Inc. raised its stake in Packaging Co. of America by 5.5% during the second quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after acquiring an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Packaging Co. of America by 6.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock valued at $41,839,000 after buying an additional 14,277 shares during the period. M&G Plc acquired a new position in shares of Packaging Co. of America in the second quarter valued at approximately $840,000. Dai ichi Life Insurance Company Ltd increased its stake in shares of Packaging Co. of America by 10.5% in the second quarter. Dai ichi Life Insurance Company Ltd now owns 35,193 shares of the industrial products company’s stock valued at $6,425,000 after buying an additional 3,355 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Packaging Co. of America by 22.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 33,401 shares of the industrial products company’s stock valued at $6,098,000 after buying an additional 6,184 shares during the period. Institutional investors and hedge funds own 89.78% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction on 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 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction 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 directly owns 8,881 shares of the company’s stock, valued at $2,175,045.71. The trade was a 54.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,000 shares of company stock worth $7,500,905. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PKG. Wells Fargo & Company upped their price objective on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Truist Financial reaffirmed a “buy” rating and issued a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Citigroup upped their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $221.60.

Packaging Co. of America Price Performance

Packaging Co. of America stock opened at $246.43 on Friday. The stock has a market capitalization of $22.13 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 3.44 and a beta of 0.76. Packaging Co. of America has a 52-week low of $153.58 and a 52-week high of $248.62. The stock’s 50 day moving average price is $224.82 and its two-hundred day moving average price is $202.27. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.05 EPS. On average, equities analysts predict that Packaging Co. of America will post 9.07 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 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 2.03%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s payout ratio is 58.28%.

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.