Packaging Co. of America (NYSE:PKG) Stake Reduced by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp reduced its stake in shares of Packaging Co. of America (NYSE:PKG) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,327 shares of the industrial products company’s stock after selling 5,718 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Packaging Co. of America were worth $25,918,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division bought a new position in Packaging Co. of America during the 3rd quarter worth $32,000. Larson Financial Group LLC grew its stake in Packaging Co. of America by 234.7% during the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock worth $35,000 after buying an additional 115 shares during the last quarter. Asset Dedication LLC grew its stake in 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 buying an additional 112 shares during the last quarter. Tortoise Investment Management LLC bought a new position in Packaging Co. of America during the 2nd quarter worth $33,000. Finally, Assetmark Inc. grew its stake in Packaging Co. of America by 44.6% during the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after buying an additional 83 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Trading Up 0.2 %

Shares of Packaging Co. of America stock opened at $239.03 on Friday. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The firm has a market cap of $21.47 billion, a price-to-earnings ratio of 27.86, a price-to-earnings-growth ratio of 3.35 and a beta of 0.77. The business has a fifty day simple moving average of $233.12 and a 200-day simple moving average of $208.37. Packaging Co. of America has a fifty-two week low of $159.57 and a fifty-two week high of $250.82.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion during 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 revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.05 earnings per share. On average, equities analysts forecast that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Friday, December 20th. Packaging Co. of America’s dividend payout ratio is 58.28%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Citigroup increased their price target on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Truist Financial reissued a “buy” rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, Wells Fargo & Company increased their price target on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Packaging Co. of America presently has an average rating of “Moderate Buy” and an average target price of $221.60.

Insider Activity at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the completion of the sale, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This represents a 22.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph Vaughn sold 2,300 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total value of $563,247.00. Following the completion of the sale, the senior vice president now owns 9,197 shares of the company’s stock, valued at $2,252,253.33. This represents a 20.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,300 shares of company stock valued at $8,064,152. Company insiders own 1.60% of the company’s stock.

About Packaging Co. of America

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.