Bank of New York Mellon Corp lowered its holdings in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 7.8% during the 4th quarter, HoldingsChannel reports. The fund owned 800,399 shares of the industrial products company’s stock after selling 67,843 shares during the period. Bank of New York Mellon Corp’s holdings in Packaging Co. of America were worth $180,194,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Stifel Financial Corp raised its stake in Packaging Co. of America by 1,462.2% during the third quarter. Stifel Financial Corp now owns 573,073 shares of the industrial products company’s stock valued at $123,440,000 after buying an additional 536,389 shares during the last quarter. Conning Inc. purchased a new stake in shares of Packaging Co. of America in the fourth quarter worth $32,329,000. Two Sigma Advisers LP increased its holdings in shares of Packaging Co. of America by 218.1% during the third quarter. Two Sigma Advisers LP now owns 207,700 shares of the industrial products company’s stock valued at $44,739,000 after acquiring an additional 142,400 shares in the last quarter. Mizuho Securities USA LLC raised its position in shares of Packaging Co. of America by 1,800.2% in the 3rd quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company’s stock worth $28,128,000 after purchasing an additional 123,711 shares during the last quarter. Finally, State Street Corp boosted its stake in Packaging Co. of America by 3.2% in the 3rd quarter. State Street Corp now owns 3,948,546 shares of the industrial products company’s stock worth $855,212,000 after purchasing an additional 123,050 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.
Insider Transactions at Packaging Co. of America
In other Packaging Co. of America news, SVP Joseph Vaughn sold 2,300 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total transaction of $563,247.00. Following the completion of the sale, the senior vice president now directly owns 9,197 shares of the company’s stock, valued at approximately $2,252,253.33. This represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.
Packaging Co. of America Trading Down 1.0 %
Packaging Co. of America (NYSE:PKG – Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.04). Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. Research analysts forecast that Packaging Co. of America will post 10.44 earnings per share for the current year.
Packaging Co. of America Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Friday, March 14th. Packaging Co. of America’s payout ratio is currently 55.99%.
Analysts Set New Price Targets
A number of analysts have weighed in on PKG shares. Wells Fargo & Company reduced their price objective on shares of Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Citigroup raised their price target on shares of Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Jefferies Financial Group raised Packaging Co. of America from a “hold” rating to a “buy” rating and upped their price objective for the company from $215.00 to $280.00 in a research report on Wednesday, December 18th. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Truist Financial restated a “buy” rating and issued a $265.00 price target (down previously from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Packaging Co. of America presently has a consensus rating of “Moderate Buy” and an average target price of $233.00.
View Our Latest Analysis on Packaging Co. of America
About Packaging Co. of America
Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.
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