Packaging Co. of America (NYSE:PKG) Shares Bought by Wedmont Private Capital

Wedmont Private Capital grew its position in Packaging Co. of America (NYSE:PKG) by 7.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,631 shares of the industrial products company’s stock after buying an additional 116 shares during the period. Wedmont Private Capital’s holdings in Packaging Co. of America were worth $302,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PKG. International Assets Investment Management LLC lifted its position in Packaging Co. of America by 19,323.7% in the fourth quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock valued at $4,936,000 after buying an additional 30,145 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Packaging Co. of America by 2.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,433 shares of the industrial products company’s stock worth $5,447,000 after acquiring an additional 835 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Packaging Co. of America by 90.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,431 shares of the industrial products company’s stock worth $2,188,000 after purchasing an additional 6,368 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in Packaging Co. of America in the 4th quarter valued at approximately $509,000. Finally, Perigon Wealth Management LLC purchased a new stake in Packaging Co. of America in the fourth quarter valued at approximately $218,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

PKG traded up $1.05 during trading on Tuesday, hitting $194.38. 326,480 shares of the stock were exchanged, compared to its average volume of 621,846. The company has a quick ratio of 1.74, a current ratio of 2.46 and a debt-to-equity ratio of 0.62. Packaging Co. of America has a 1-year low of $143.82 and a 1-year high of $201.99. The stock has a fifty day moving average price of $187.74 and a two-hundred day moving average price of $181.86. The firm has a market capitalization of $17.45 billion, a P/E ratio of 24.19, a PEG ratio of 5.14 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.06. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.39%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the business posted $2.31 earnings per share. Packaging Co. of America’s quarterly revenue was up 6.3% on a year-over-year basis. As a group, sell-side analysts predict that Packaging Co. of America will post 8.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PKG shares. Bank of America boosted their price target on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. Wells Fargo & Company lifted their price objective on shares of Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Monday. Truist Financial boosted their price target on shares of Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Citigroup increased their price objective on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $190.50.

Insider Buying and Selling at Packaging Co. of America

In other news, Director Karen E. Gowland purchased 300 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average cost of $182.06 per share, with a total value of $54,618.00. Following the completion of the acquisition, the director now directly owns 916 shares of the company’s stock, valued at approximately $166,766.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the transaction, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Karen E. Gowland acquired 300 shares of Packaging Co. of America stock in a transaction that occurred on Wednesday, May 15th. The stock was bought at an average price of $182.06 per share, with a total value of $54,618.00. Following the purchase, the director now directly owns 916 shares of the company’s stock, valued at $166,766.96. The disclosure for this purchase can be found here. 1.60% of the stock is currently owned by corporate insiders.

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.