Chevy Chase Trust Holdings LLC decreased its holdings in Packaging Co. of America (NYSE:PKG – Free Report) by 1.8% during the third quarter, Holdings Channel.com reports. The firm owned 47,826 shares of the industrial products company’s stock after selling 868 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Packaging Co. of America were worth $10,302,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Cetera Investment Advisers raised its position in Packaging Co. of America by 981.4% during the first quarter. Cetera Investment Advisers now owns 19,109 shares of the industrial products company’s stock valued at $3,626,000 after acquiring an additional 17,342 shares in the last quarter. Cetera Advisors LLC raised its position in Packaging Co. of America by 33.0% during the first quarter. Cetera Advisors LLC now owns 2,535 shares of the industrial products company’s stock valued at $481,000 after acquiring an additional 629 shares in the last quarter. Park Avenue Securities LLC raised its position in Packaging Co. of America by 22.4% during the second quarter. Park Avenue Securities LLC now owns 5,298 shares of the industrial products company’s stock valued at $967,000 after acquiring an additional 971 shares in the last quarter. CWM LLC raised its position in Packaging Co. of America by 88.2% during the second quarter. CWM LLC now owns 5,184 shares of the industrial products company’s stock valued at $946,000 after acquiring an additional 2,430 shares in the last quarter. Finally, BDF Gestion bought a new position in Packaging Co. of America during the second quarter valued at approximately $2,225,000. Institutional investors and hedge funds own 89.78% of the company’s stock.
Analyst Ratings Changes
Several brokerages recently weighed in on PKG. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Truist Financial reiterated a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Citigroup increased their price target 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 increased their price target on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Packaging Co. of America has an average rating of “Moderate Buy” and a consensus target price of $221.60.
Insider Buying and Selling
In related news, SVP Donald R. Shirley sold 8,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total value of $1,921,600.00. Following the completion of the transaction, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the firm’s 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 transaction, the chief financial officer now directly owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,300 shares of company stock valued at $8,064,152 over the last ninety days. 1.60% of the stock is owned by company insiders.
Packaging Co. of America Trading Down 0.0 %
Shares of Packaging Co. of America stock opened at $243.99 on Thursday. The company’s fifty day simple moving average is $229.40 and its 200-day simple moving average is $205.82. The company has a market cap of $21.91 billion, a price-to-earnings ratio of 28.44, a PEG ratio of 3.44 and a beta of 0.77. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 1 year low of $159.57 and a 1 year high of $250.82.
Packaging Co. of America (NYSE:PKG – Get Free Report) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. Packaging Co. of America’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period last year, the business earned $2.05 earnings per share. As a group, sell-side analysts expect that Packaging Co. of America will post 9.07 EPS for the current year.
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.
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