Toronto Dominion Bank Sells 6,752 Shares of Packaging Co. of America (NYSE:PKG)

Toronto Dominion Bank lessened its holdings in Packaging Co. of America (NYSE:PKG) by 13.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,495 shares of the industrial products company’s stock after selling 6,752 shares during the quarter. Toronto Dominion Bank’s holdings in Packaging Co. of America were worth $7,940,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Register Financial Advisors LLC acquired a new stake in shares of Packaging Co. of America during the 1st quarter valued at about $25,000. Neo Ivy Capital Management bought a new position in shares of Packaging Co. of America during the 4th quarter worth approximately $28,000. Asset Dedication LLC boosted its stake in Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after buying an additional 112 shares in the last quarter. Tortoise Investment Management LLC bought a new stake in Packaging Co. of America in the second quarter valued at $33,000. Finally, Headlands Technologies LLC acquired a new position in Packaging Co. of America during the first quarter worth $43,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Citigroup boosted their price target on shares of Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Bank of America raised their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Truist Financial boosted their target price on Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Saturday. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Packaging Co. of America has an average rating of “Hold” and an average price target of $190.50.

Insider Activity

In related news, EVP Charles J. Carter sold 5,389 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction 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 $5,012,794.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America 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 completion of the sale, 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 can be accessed through the SEC website. Also, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were 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 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. Insiders own 1.60% of the company’s stock.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock opened at $215.70 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. The firm has a 50 day simple moving average of $202.87 and a 200 day simple moving average of $189.75. Packaging Co. of America has a fifty-two week low of $143.82 and a fifty-two week high of $217.69. The firm has a market cap of $19.37 billion, a P/E ratio of 26.96, a P/E/G ratio of 4.23 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last released its 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 return on equity of 18.21% and a net margin of 9.06%. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the firm earned $2.31 EPS. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. Sell-side analysts predict that Packaging Co. of America will post 8.72 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm 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 is Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a yield of 2.32%. Packaging Co. of America’s payout ratio is presently 62.50%.

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.