Chase Investment Counsel Corp Takes $532,000 Position in Packaging Corporation of America $PKG

Chase Investment Counsel Corp purchased a new stake in shares of Packaging Corporation of America (NYSE:PKG) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,509 shares of the industrial products company’s stock, valued at approximately $532,000.

A number of other institutional investors also recently bought and sold shares of the stock. GRIMES & Co WEALTH MANAGEMENT LLC bought a new stake in shares of Packaging Corporation of America during the fourth quarter valued at approximately $4,664,000. PNC Financial Services Group Inc. raised its holdings in Packaging Corporation of America by 10.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 68,314 shares of the industrial products company’s stock worth $14,088,000 after purchasing an additional 6,257 shares in the last quarter. Heartland Advisors Inc. raised its holdings in Packaging Corporation of America by 47.6% in the fourth quarter. Heartland Advisors Inc. now owns 39,145 shares of the industrial products company’s stock worth $8,073,000 after purchasing an additional 12,621 shares in the last quarter. Victory Capital Management Inc. lifted its position in Packaging Corporation of America by 29.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,309,412 shares of the industrial products company’s stock valued at $476,270,000 after buying an additional 521,352 shares during the period. Finally, G&S Capital LLC lifted its position in Packaging Corporation of America by 110.1% during the fourth quarter. G&S Capital LLC now owns 12,886 shares of the industrial products company’s stock valued at $2,657,000 after buying an additional 6,753 shares during the period. 89.78% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Mark W. Kowlzan sold 9,266 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $217.08, for a total value of $2,011,463.28. Following the transaction, the chief executive officer owned 473,610 shares in the company, valued at approximately $102,811,258.80. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial upped their target price on shares of Packaging Corporation of America from $258.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Weiss Ratings lowered shares of Packaging Corporation of America from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft raised shares of Packaging Corporation of America from a “hold” rating to a “buy” rating and lifted their price target for the company from $225.00 to $256.00 in a research report on Monday, May 4th. UBS Group raised shares of Packaging Corporation of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $232.00 to $248.00 in a research note on Wednesday, May 20th. Finally, Bank of America upped their price objective on shares of Packaging Corporation of America from $242.00 to $263.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Packaging Corporation of America presently has an average rating of “Moderate Buy” and an average target price of $256.14.

Packaging Corporation of America Stock Down 0.1%

Shares of NYSE:PKG opened at $228.16 on Wednesday. The company has a current ratio of 3.07, a quick ratio of 1.88 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $226.14 and a two-hundred day simple moving average of $222.17. Packaging Corporation of America has a 12-month low of $189.03 and a 12-month high of $249.51. The stock has a market capitalization of $20.33 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 2.13 and a beta of 0.80.

Packaging Corporation of America (NYSE:PKG) last released its earnings results on Wednesday, April 22nd. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.23. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.45 billion. Packaging Corporation of America had a return on equity of 19.27% and a net margin of 8.04%.The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.31 earnings per share. On average, research analysts anticipate that Packaging Corporation of America will post 10.46 earnings per share for the current fiscal year.

Packaging Corporation of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.6%. This is a boost from Packaging Corporation of America’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend was Monday, June 15th. Packaging Corporation of America’s dividend payout ratio is presently 72.99%.

About Packaging Corporation of America

Packaging Corporation of America (NYSE: PKG) is a leading North American manufacturer of containerboard and corrugated packaging products. The company produces a range of paper-based packaging solutions including linerboard, corrugating medium, corrugated shipping containers, retail-ready packaging and point-of-purchase displays. In addition to core packaging products, Packaging Corporation of America offers packaging design, testing and supply-chain services intended to optimize protection, cost and sustainability for customers.

Headquartered in Lake Forest, Illinois, the company operates an integrated network of mills and corrugated manufacturing facilities across the United States and serves customers throughout North America in industries such as e-commerce, grocery and food & beverage, consumer packaged goods and industrial markets.