Meridian Wealth Management LLC Invests $476,000 in Packaging Co. of America (NYSE:PKG)

Meridian Wealth Management LLC purchased a new position in Packaging Co. of America (NYSE:PKG) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,211 shares of the industrial products company’s stock, valued at approximately $476,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PKG. Asset Dedication LLC boosted its position in shares of Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Packaging Co. of America in the 3rd quarter worth $32,000. Tortoise Investment Management LLC bought a new position in shares of Packaging Co. of America in the 2nd quarter worth $33,000. Strategic Financial Concepts LLC bought a new position in shares of Packaging Co. of America in the 2nd quarter worth $50,000. Finally, Assetmark Inc. boosted its position in shares of Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 83 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PKG. Wells Fargo & Company lifted their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Citigroup lifted their target price on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Truist Financial reiterated a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $221.60.

Packaging Co. of America Stock Performance

PKG opened at $246.39 on Monday. The business’s 50-day moving average price is $224.82 and its two-hundred day moving average price is $202.61. Packaging Co. of America has a 1 year low of $153.58 and a 1 year high of $248.62. The company has a market capitalization of $22.13 billion, a price-to-earnings ratio of 28.72, a P/E/G ratio of 3.44 and a beta of 0.76. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98.

Packaging Co. of America (NYSE:PKG) last released 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. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the business posted $2.05 EPS. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities analysts expect that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

Insider Activity at Packaging Co. of America

In related news, Director Paul T. Stecko sold 10,500 shares of Packaging Co. of America stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $244.91, for a total value of $2,571,555.00. Following the sale, the director now owns 8,881 shares of the company’s stock, valued at approximately $2,175,045.71. The trade was a 54.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the completion of the sale, the chief financial officer now directly owns 43,954 shares in the company, valued at approximately $10,576,211.48. This represents a 22.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,000 shares of company stock valued at $7,500,905. 1.60% of the stock is owned by insiders.

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.