AdvisorNet Financial Inc Raises Stock Position in Packaging Co. of America (NYSE:PKG)

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Register Financial Advisors LLC purchased a new position in Packaging Co. of America during the first quarter valued at $25,000. Neo Ivy Capital Management purchased a new position in shares of Packaging Co. of America in the 4th quarter worth $28,000. First Horizon Advisors Inc. grew its stake in shares of Packaging Co. of America by 60.5% in the 4th quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $30,000 after buying an additional 69 shares in the last quarter. Gables Capital Management Inc. purchased a new position in shares of Packaging Co. of America in the 4th quarter worth $31,000. Finally, Headlands Technologies LLC purchased a new position in shares of Packaging Co. of America in the 1st quarter worth $43,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PKG shares. Bank of America lifted their price objective 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 target on shares of Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Monday. Truist Financial lifted 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 lifted their price target on shares of Packaging Co. of America from $181.00 to $187.00 and gave the stock 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 given a buy rating to the company. According to data from MarketBeat.com, Packaging Co. of America presently has a consensus rating of “Hold” and a consensus price target of $190.50.

Packaging Co. of America Trading Up 1.0 %

PKG traded up $1.87 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 one year low of $143.82 and a one year high of $201.99. The firm has a fifty day simple moving average of $188.22 and a two-hundred day simple moving average of $182.10. The company has a market cap of $17.62 billion, a P/E ratio of 24.51, a price-to-earnings-growth ratio of 5.02 and a beta of 0.77. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share 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 18.21%. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the business posted $2.31 EPS. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, equities research analysts expect that Packaging Co. of America will post 8.71 earnings per share for the current year.

Insider Activity

In related news, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the transaction, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the sale, the senior vice president now directly owns 20,772 shares in the company, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

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.