Packaging Co. of America (NYSE:PKG) Stock Position Decreased by Fifth Third Bancorp

Fifth Third Bancorp cut its stake in shares of Packaging Co. of America (NYSE:PKG) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,922 shares of the industrial products company’s stock after selling 813 shares during the period. Fifth Third Bancorp owned approximately 0.09% of Packaging Co. of America worth $17,768,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PKG. Central Pacific Bank Trust Division acquired a new stake in Packaging Co. of America during the 3rd quarter worth about $32,000. Larson Financial Group LLC raised its holdings 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 period. Fortitude Family Office LLC lifted its position in shares of Packaging Co. of America by 150.8% in the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 98 shares in the last quarter. Assetmark Inc. boosted its stake in Packaging Co. of America by 44.6% in the 3rd 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. Finally, Brooklyn Investment Group acquired a new stake in Packaging Co. of America during the 3rd quarter valued at $64,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the transaction, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This trade represents a 22.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the sale, the senior vice president now owns 15,725 shares of the company’s stock, valued at $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,300 shares of company stock valued at $8,064,152 over the last quarter. Insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Citigroup lifted their price target on Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a report on Monday, January 6th. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Truist Financial raised their price target on shares of Packaging Co. of America from $252.00 to $282.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating and upped their price objective for the company from $215.00 to $280.00 in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their target price on shares of 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $238.67.

Packaging Co. of America Stock Performance

Shares of PKG opened at $240.08 on Friday. 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 has a 12 month low of $159.57 and a 12 month high of $250.82. The company’s fifty day moving average is $235.85 and its 200-day moving average is $219.03. The firm has a market cap of $21.56 billion, a price-to-earnings ratio of 27.98, a price-to-earnings-growth ratio of 2.36 and a beta of 0.79.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th were issued a dividend of $1.25 per share. The ex-dividend date was Friday, December 20th. This represents a $5.00 annualized dividend and a yield of 2.08%. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.28%.

Packaging Co. of America Company Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.