Packaging Co. of America (NYSE:PKG) Shares Acquired by AdvisorNet Financial Inc

AdvisorNet Financial Inc grew its position in Packaging Co. of America (NYSE:PKG) by 5.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,268 shares of the industrial products company’s stock after purchasing an additional 324 shares during the period. AdvisorNet Financial Inc’s holdings in Packaging Co. of America were worth $1,144,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. lifted its position in Packaging Co. of America by 2.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,807 shares of the industrial products company’s stock worth $1,243,000 after acquiring an additional 135 shares in the last quarter. ORG Partners LLC acquired a new position in Packaging Co. of America during the 2nd quarter worth approximately $81,000. Wealth Enhancement Advisory Services LLC lifted its position in Packaging Co. of America by 22.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 33,401 shares of the industrial products company’s stock worth $6,098,000 after acquiring an additional 6,184 shares in the last quarter. M&G Plc acquired a new position in Packaging Co. of America during the 2nd quarter worth approximately $840,000. Finally, Wedmont Private Capital increased its holdings in Packaging Co. of America by 7.7% during the 2nd quarter. Wedmont Private Capital now owns 1,631 shares of the industrial products company’s stock worth $302,000 after purchasing an additional 116 shares during the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Packaging Co. of America Stock Performance

NYSE:PKG traded up $1.87 during midday trading on Thursday, reaching $196.21. 366,832 shares of the company traded hands, compared to its average volume of 620,337. Packaging Co. of America has a twelve month low of $143.82 and a twelve month high of $201.99. The firm has a market capitalization of $17.62 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 5.02 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. The company has a fifty day moving average price of $188.22 and a 200 day moving average price of $182.10.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.06. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the firm posted $2.31 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, analysts expect that Packaging Co. of America will post 8.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of the sale, the executive vice president now owns 25,539 shares in the company, valued at $5,012,794.92. The sale was disclosed in a legal filing with the SEC, 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 stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of the sale, the executive vice president now owns 25,539 shares in the company, valued at $5,012,794.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Donald R. Shirley sold 6,000 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 value of $1,177,680.00. Following the completion of the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by 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.