Principal Street Partners LLC Decreases Holdings in Packaging Co. of America (NYSE:PKG)

Principal Street Partners LLC lowered its stake in shares of Packaging Co. of America (NYSE:PKG) by 23.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,875 shares of the industrial products company’s stock after selling 8,789 shares during the period. Principal Street Partners LLC’s holdings in Packaging Co. of America were worth $6,218,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PKG. Deseret Mutual Benefit Administrators lifted its holdings in Packaging Co. of America by 15.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 49 shares in the last quarter. Coldstream Capital Management Inc. raised its position in shares of Packaging Co. of America by 1.4% in the second quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company’s stock valued at $704,000 after buying an additional 54 shares during the last quarter. Huntington National Bank lifted its stake in shares of Packaging Co. of America by 0.5% in the third quarter. Huntington National Bank now owns 10,075 shares of the industrial products company’s stock worth $2,170,000 after buying an additional 55 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Packaging Co. of America by 0.6% during the second quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company’s stock worth $1,773,000 after acquiring an additional 56 shares during the last quarter. Finally, Moors & Cabot Inc. grew its stake in Packaging Co. of America by 2.1% during the 2nd quarter. Moors & Cabot Inc. now owns 2,689 shares of the industrial products company’s stock valued at $491,000 after acquiring an additional 56 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Packaging Co. of America Trading Down 0.3 %

PKG opened at $246.45 on Tuesday. The stock has a market capitalization of $22.13 billion, a PE ratio of 28.83, a P/E/G ratio of 3.46 and a beta of 0.76. Packaging Co. of America has a one year low of $153.58 and a one year high of $250.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The business’s 50 day moving average price is $225.48 and its 200 day moving average price is $203.08.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. The business 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 19.10% and a net margin of 9.46%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.05 EPS. As a group, equities research analysts expect that Packaging Co. of America will post 9.07 EPS for the current year.

Insider Buying and Selling at Packaging Co. of America

In other news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction on Friday, November 8th. The stock was 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 of the company’s stock, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul T. Stecko sold 10,500 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the completion of the sale, the director now owns 8,881 shares in the company, valued at $2,175,045.71. This represents a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock valued at $7,500,905 over the last 90 days. 1.70% 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.