Packaging Corporation of America $PKG Stock Sold by Boston Trust Walden Corp

Boston Trust Walden Corp trimmed its holdings in Packaging Corporation of America (NYSE:PKG) by 8.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 36,155 shares of the industrial products company’s stock after selling 3,329 shares during the period. Boston Trust Walden Corp’s holdings in Packaging Corporation of America were worth $8,289,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Packaging Corporation of America during the 2nd quarter worth approximately $1,837,506,000. Bank of New York Mellon Corp purchased a new position in Packaging Corporation of America during the 2nd quarter valued at $748,095,000. Royal Bank of Canada grew its position in Packaging Corporation of America by 25.2% in the 1st quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock valued at $492,990,000 after acquiring an additional 467,590 shares during the last quarter. Bank of America Corp DE bought a new position in Packaging Corporation of America in the 2nd quarter valued at $379,568,000. Finally, Atlas FRM LLC bought a new position in Packaging Corporation of America in the 2nd quarter valued at $365,164,100. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Packaging Corporation of America

In other Packaging Corporation of America news, VP Donald Shirley sold 12,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the transaction, the vice president directly owned 19,110 shares in the company, valued at $4,791,068.10. This represents a 38.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PKG. Citigroup increased their target price on Packaging Corporation of America from $253.00 to $262.00 and gave the stock a “neutral” rating in a research note on Monday, October 26th. Weiss Ratings raised shares of Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 27th. Bank of America cut their price target on shares of Packaging Corporation of America from $280.00 to $260.00 and set a “buy” rating on the stock in a report on Friday, September 11th. Wells Fargo & Company cut their price target on shares of Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 7th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $294.00 price target (up from $280.00) on shares of Packaging Corporation of America in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Packaging Corporation of America has an average rating of “Moderate Buy” and an average price target of $275.43.

Packaging Corporation of America Price Performance

Shares of PKG stock opened at $249.34 on Friday. Packaging Corporation of America has a twelve month low of $191.50 and a twelve month high of $262.59. The company has a current ratio of 2.94, a quick ratio of 1.86 and a debt-to-equity ratio of 0.85. The stock has a fifty day simple moving average of $238.03 and a two-hundred day simple moving average of $230.17. The stock has a market capitalization of $22.22 billion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 1.95 and a beta of 0.76.

Packaging Corporation of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.93 by $0.11. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.61 billion. Packaging Corporation of America had a return on equity of 19.63% and a net margin of 7.40%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.73 earnings per share. On average, analysts predict that Packaging Corporation of America will post 10.56 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.4%. The ex-dividend date was Tuesday, September 15th. Packaging Corporation of America’s dividend payout ratio is presently 73.89%.

About Packaging Corporation of America

Packaging Corporation of America (NYSE:PKG) is a manufacturer of corrugated packaging and containerboard products serving businesses primarily in the United States. Its products include shipping boxes, retail packaging, displays, protective packaging and specialty corrugated solutions used to transport and present a broad range of consumer and industrial goods.

The company also produces uncoated freesheet paper and related paper products for commercial printing, office use, publishing, converting and other applications.