Brooklyn Investment Group Takes Position in Packaging Co. of America (NYSE:PKG)

Brooklyn Investment Group bought a new position in shares of Packaging Co. of America (NYSE:PKG) in the third quarter, HoldingsChannel reports. The firm bought 297 shares of the industrial products company’s stock, valued at approximately $64,000.

Several other institutional investors and hedge funds also recently modified their holdings of PKG. Asset Dedication LLC raised its position in shares of Packaging Co. of America by 200.0% during the 2nd 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 last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Packaging Co. of America in the third quarter worth $32,000. Tortoise Investment Management LLC purchased a new stake in shares of Packaging Co. of America in the second quarter valued at $33,000. Larson Financial Group LLC boosted its stake in shares of Packaging Co. of America by 234.7% during the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 115 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Packaging Co. of America during the 2nd quarter worth about $50,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Trading Down 0.4 %

Shares of PKG opened at $247.03 on Friday. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $22.18 billion, a P/E ratio of 28.79, a price-to-earnings-growth ratio of 3.47 and a beta of 0.76. The stock’s fifty day simple moving average is $226.87 and its 200 day simple moving average is $203.86. Packaging Co. of America has a twelve month low of $156.87 and a twelve month high of $250.82.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the company posted $2.05 EPS. The business’s quarterly revenue was up 14.9% on a year-over-year basis. On average, equities research analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current year.

Insider Activity at Packaging Co. of America

In related news, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction dated 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 directly owns 15,725 shares in the company, valued at approximately $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America 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 $10,576,211.48. This trade represents a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 31,000 shares of company stock worth $7,500,905. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PKG. Citigroup raised 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 research note on Wednesday, October 2nd. Truist Financial reaffirmed a “buy” rating and issued a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Wells Fargo & Company increased their price target on 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. Finally, StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. 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, Packaging Co. of America presently has an average rating of “Hold” and a consensus price target of $221.60.

Packaging Co. of America 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.