Generali Asset Management SPA SGR Acquires New Position in Packaging Corporation of America $PKG

Generali Asset Management SPA SGR acquired a new stake in shares of Packaging Corporation of America (NYSE:PKG) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 1,972 shares of the industrial products company’s stock, valued at approximately $452,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Packaging Corporation of America in the second quarter worth $1,837,506,000. Bank of New York Mellon Corp purchased a new position in shares of Packaging Corporation of America during the second quarter worth $748,095,000. Royal Bank of Canada lifted its position in Packaging Corporation of America by 25.2% during the first quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock valued at $492,990,000 after purchasing an additional 467,590 shares during the period. Bank of America Corp DE acquired a new position in Packaging Corporation of America during the second quarter valued at $379,568,000. Finally, Atlas FRM LLC acquired a new position in Packaging Corporation of America during the second quarter valued at $365,164,100. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PKG has been the topic of several recent research reports. Citigroup upped their price target on shares of Packaging Corporation of America from $253.00 to $262.00 and gave the company a “neutral” rating in a report on Monday, October 26th. Weiss Ratings upgraded Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. Bank of America decreased their price objective on Packaging Corporation of America from $280.00 to $260.00 and set a “buy” rating for the company in a report on Friday, September 11th. Truist Financial restated a “buy” rating and issued a $294.00 target price (up from $280.00) on shares of Packaging Corporation of America in a research note on Friday, October 23rd. Finally, UBS Group lowered their target price on Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $275.43.

Insiders Place Their Bets

In other Packaging Corporation of America news, VP Donald R. Shirley sold 12,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $250.71, for a total value of $3,008,520.00. Following the completion of the transaction, the vice president owned 19,110 shares in the company, valued at approximately $4,791,068.10. This represents a 38.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Thomas A. Hassfurther sold 12,531 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $250.00, for a total transaction of $3,132,750.00. Following the sale, the president directly owned 218,751 shares in the company, valued at approximately $54,687,750. The trade was a 5.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 40,391 shares of company stock valued at $10,196,101 in the last ninety days. 1.60% of the stock is owned by corporate insiders.

Packaging Corporation of America Price Performance

Shares of NYSE PKG opened at $257.14 on Friday. The stock has a market capitalization of $22.91 billion, a price-to-earnings ratio of 31.67, a PEG ratio of 1.92 and a beta of 0.75. Packaging Corporation of America has a 12 month low of $191.50 and a 12 month high of $259.98. The firm’s 50 day simple moving average is $237.48 and its 200-day simple moving average is $229.47. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.94 and a quick ratio of 1.86.

Packaging Corporation of America (NYSE:PKG) last posted its earnings results on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.93 by $0.11. Packaging Corporation of America had a net margin of 7.40% and a return on equity of 19.63%. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the business posted $2.73 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. Analysts expect that Packaging Corporation of America will post 10.56 EPS for the current year.

Packaging Corporation of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Tuesday, September 15th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, September 15th. Packaging Corporation of America’s dividend payout ratio (DPR) is currently 73.89%.

About Packaging Corporation of America

Packaging Corporation of America (NYSE:PKG) is a manufacturer of corrugated packaging and containerboard products serving businesses primarily in the United States. Its products include shipping boxes, retail packaging, displays, protective packaging and specialty corrugated solutions used to transport and present a broad range of consumer and industrial goods.

The company also produces uncoated freesheet paper and related paper products for commercial printing, office use, publishing, converting and other applications.