Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Holdings in Packaging Co. of America (NYSE:PKG)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Packaging Co. of America (NYSE:PKG) by 8.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,588 shares of the industrial products company’s stock after selling 2,572 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Packaging Co. of America were worth $4,331,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in Packaging Co. of America by 19,323.7% in the fourth quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company’s stock valued at $4,936,000 after purchasing an additional 30,145 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Packaging Co. of America in the fourth quarter valued at approximately $16,338,000. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Packaging Co. of America by 60.4% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,020 shares of the industrial products company’s stock worth $771,000 after acquiring an additional 1,890 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Packaging Co. of America by 75.0% during the third quarter. Acadian Asset Management LLC now owns 15,884 shares of the industrial products company’s stock worth $2,436,000 after acquiring an additional 6,809 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Packaging Co. of America by 16.7% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 700 shares of the industrial products company’s stock worth $107,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Stock Up 0.9 %

Shares of NYSE:PKG opened at $179.89 on Monday. The stock’s 50-day moving average price is $181.22 and its 200-day moving average price is $167.69. Packaging Co. of America has a 12-month low of $122.20 and a 12-month high of $191.27. The stock has a market capitalization of $16.15 billion, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 4.33 and a beta of 0.78. The company has a current ratio of 2.57, a quick ratio of 1.77 and a debt-to-equity ratio of 0.62.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.30. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same period last year, the firm earned $2.35 earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities analysts anticipate that Packaging Co. of America will post 8.31 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were paid a dividend of $1.25 per share. The ex-dividend date was Thursday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.78%. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.96%.

Analysts Set New Price Targets

PKG has been the topic of several recent research reports. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday. Seaport Res Ptn downgraded Packaging Co. of America from a “buy” rating to a “neutral” rating in a research report on Monday, January 29th. Bank of America upgraded Packaging Co. of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $172.00 to $202.00 in a research report on Monday, March 4th. Citigroup increased their price objective on Packaging Co. of America from $172.00 to $183.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, Truist Financial increased their target price on Packaging Co. of America from $170.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, January 4th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $171.29.

Insider Activity

In other news, CFO Robert P. Mundy sold 10,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the sale, the chief financial officer now directly owns 46,454 shares in the company, valued at $8,478,319.54. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Robert P. Mundy sold 10,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the sale, the chief financial officer now directly owns 46,454 shares in the company, valued at $8,478,319.54. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas A. Hassfurther sold 13,850 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $181.06, for a total transaction of $2,507,681.00. Following the sale, the vice president now owns 187,647 shares of the company’s stock, valued at $33,975,365.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,041 shares of company stock valued at $6,799,177. 1.70% of the stock is currently 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.