Zega Financial LLC Increases Holdings in Packaging Co. of America (NYSE:PKG)

Zega Financial LLC lifted its holdings in Packaging Co. of America (NYSE:PKG) by 6.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,600 shares of the industrial products company’s stock after acquiring an additional 100 shares during the period. Zega Financial LLC’s holdings in Packaging Co. of America were worth $292,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PKG. Register Financial Advisors LLC bought a new stake in shares of Packaging Co. of America in the 1st quarter valued at approximately $25,000. Asset Dedication LLC boosted its stake in shares of Packaging Co. of America by 200.0% during 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 period. Neo Ivy Capital Management purchased a new position in shares of Packaging Co. of America during the 4th quarter worth about $28,000. Tortoise Investment Management LLC bought a new position in Packaging Co. of America during the 2nd quarter valued at about $33,000. Finally, Headlands Technologies LLC purchased a new stake in Packaging Co. of America in the 1st quarter worth about $43,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock opened at $213.20 on Wednesday. Packaging Co. of America has a 12 month low of $143.82 and a 12 month high of $217.69. The stock’s fifty day moving average price is $197.83 and its 200-day moving average price is $187.92. The firm has a market cap of $19.15 billion, a P/E ratio of 26.65, a P/E/G ratio of 4.10 and a beta of 0.77. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating the consensus estimate 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 business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the business posted $2.31 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts expect that Packaging Co. of America will post 8.72 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.35%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 62.50%.

Insider Activity

In related news, EVP Charles J. Carter sold 5,389 shares of the firm’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 sale, 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 filing with the SEC, which is available through the SEC website. In other news, SVP Donald R. Shirley sold 6,000 shares of the company’s stock in a transaction 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 transaction, the senior vice president now directly owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Charles J. Carter sold 5,389 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was 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. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Citigroup boosted their price objective on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Truist Financial upped their price objective on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company lifted their target price on Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Bank of America boosted their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Packaging Co. of America presently has an average rating of “Hold” and a consensus price target of $190.50.

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.