Packaging Co. of America (NYSE:PKG) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp lessened its stake in shares of Packaging Co. of America (NYSE:PKG) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,210 shares of the industrial products company’s stock after selling 523 shares during the period. Mackenzie Financial Corp’s holdings in Packaging Co. of America were worth $3,292,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PKG. International Assets Investment Management LLC boosted its position in shares of 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 worth $4,936,000 after buying an additional 30,145 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Packaging Co. of America during the 4th quarter worth about $16,338,000. Meiji Yasuda Asset Management Co Ltd. grew its stake in Packaging Co. of America by 60.4% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,020 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 1,890 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Packaging Co. of America by 75.0% in the 3rd quarter. Acadian Asset Management LLC now owns 15,884 shares of the industrial products company’s stock valued at $2,436,000 after purchasing an additional 6,809 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Packaging Co. of America by 16.7% in 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 purchasing an additional 100 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PKG. Seaport Res Ptn lowered shares of Packaging Co. of America from a “buy” rating to a “neutral” rating in a research note on Monday, January 29th. Bank of America raised shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $172.00 to $202.00 in a research note on Monday, March 4th. Citigroup lifted their price objective on Packaging Co. of America from $172.00 to $183.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Truist Financial boosted 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. Finally, BNP Paribas downgraded Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price target for the company. in a research note on Friday, April 12th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $171.29.

Packaging Co. of America Price Performance

NYSE PKG opened at $179.29 on Tuesday. Packaging Co. of America has a fifty-two week low of $122.20 and a fifty-two week high of $191.27. The stock’s 50-day moving average is $181.44 and its two-hundred day moving average is $167.88. The firm has a market cap of $16.09 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 4.33 and a beta of 0.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.57 and a quick ratio of 1.77.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.09. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.91 billion. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. The firm’s revenue was up .2% compared to the same quarter last year. During the same period last year, the business earned $2.20 EPS. On average, analysts anticipate that Packaging Co. of America will post 8.31 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, March 14th. Packaging Co. of America’s payout ratio is 58.96%.

Insider Buying and Selling

In related news, VP Thomas A. Hassfurther sold 14,191 shares of Packaging Co. of America stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total value of $2,466,395.80. Following the transaction, the vice president now owns 183,930 shares in the company, valued at approximately $31,967,034. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Robert P. Mundy sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total value of $1,825,100.00. Following the sale, the chief financial officer now owns 46,454 shares in the company, valued at $8,478,319.54. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Thomas A. Hassfurther sold 14,191 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the transaction, the vice president now owns 183,930 shares of the company’s stock, valued at $31,967,034. The disclosure for this sale can be found here. In the last three months, insiders sold 38,041 shares of company stock valued at $6,799,177. Company insiders own 1.70% 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.