Wedge Capital Management L L P NC Cuts Stock Holdings in Packaging Co. of America (NYSE:PKG)

Wedge Capital Management L L P NC reduced its position in shares of Packaging Co. of America (NYSE:PKG) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,687 shares of the industrial products company’s stock after selling 1,328 shares during the period. Wedge Capital Management L L P NC’s holdings in Packaging Co. of America were worth $7,793,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PKG. Register Financial Advisors LLC purchased a new position in Packaging Co. of America in the first quarter worth $25,000. Neo Ivy Capital Management purchased a new stake in Packaging Co. of America during the fourth quarter worth about $28,000. First Horizon Advisors Inc. raised its position in Packaging Co. of America by 60.5% in the fourth quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 69 shares during the period. Gables Capital Management Inc. purchased a new position in Packaging Co. of America in the fourth quarter valued at about $31,000. Finally, Headlands Technologies LLC bought a new position in shares of Packaging Co. of America during the 1st quarter valued at approximately $43,000. 89.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PKG. Bank of America upped their price objective on Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Wells Fargo & Company upped their price target on Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Monday. Truist Financial boosted their price objective on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Citigroup increased their target price on shares of Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $190.50.

Insider Buying and Selling

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

Packaging Co. of America Price Performance

PKG traded down $0.35 during trading on Friday, reaching $195.42. 26,241 shares of the company were exchanged, compared to its average volume of 618,706. Packaging Co. of America has a 12-month low of $143.82 and a 12-month high of $201.99. The company’s 50-day moving average is $188.48 and its two-hundred day moving average is $182.20. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The company has a market cap of $17.55 billion, a price-to-earnings ratio of 24.48, a P/E/G ratio of 5.02 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, topping 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 18.21%. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the prior year, the firm posted $2.31 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. Research analysts forecast that Packaging Co. of America will post 8.71 earnings per share for the current fiscal year.

Packaging Co. of America 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.