CacheTech Inc. Sells 256 Shares of Packaging Co. of America (NYSE:PKG)

CacheTech Inc. lessened its holdings in shares of Packaging Co. of America (NYSE:PKG) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,182 shares of the industrial products company’s stock after selling 256 shares during the quarter. CacheTech Inc.’s holdings in Packaging Co. of America were worth $901,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PKG. Allspring Global Investments Holdings LLC raised its position in Packaging Co. of America by 446.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 73,398 shares of the industrial products company’s stock valued at $13,929,000 after acquiring an additional 59,967 shares in the last quarter. Norden Group LLC bought a new position in Packaging Co. of America during the first quarter valued at approximately $530,000. First Trust Direct Indexing L.P. raised its position in Packaging Co. of America by 14.3% during the first quarter. First Trust Direct Indexing L.P. now owns 2,576 shares of the industrial products company’s stock valued at $489,000 after acquiring an additional 323 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its position in Packaging Co. of America by 3.7% during the first quarter. Ashton Thomas Private Wealth LLC now owns 3,584 shares of the industrial products company’s stock valued at $680,000 after acquiring an additional 129 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in Packaging Co. of America by 25.5% during the first quarter. Private Advisor Group LLC now owns 8,515 shares of the industrial products company’s stock valued at $1,616,000 after acquiring an additional 1,729 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PKG. Truist Financial reissued a “buy” rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Wells Fargo & Company lifted their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Citigroup lifted their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Four 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 a consensus target price of $221.60.

Packaging Co. of America Stock Performance

NYSE:PKG opened at $229.99 on Friday. The firm’s 50-day moving average is $214.85 and its 200-day moving average is $195.67. The company has a market cap of $20.66 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 3.24 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $232.98.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 earnings per share. Equities research analysts anticipate that Packaging Co. of America will post 9 earnings per share for the current year.

Packaging Co. of America Announces Dividend

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 $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.17%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 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.