Channel Wealth LLC Sells 8,740 Shares of Packaging Corporation of America $PKG

Channel Wealth LLC lowered its holdings in Packaging Corporation of America (NYSE:PKG) by 45.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,310 shares of the industrial products company’s stock after selling 8,740 shares during the period. Channel Wealth LLC’s holdings in Packaging Corporation of America were worth $2,364,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Packaging Corporation of America in the 2nd quarter worth approximately $1,837,506,000. Bank of New York Mellon Corp bought a new stake in Packaging Corporation of America during the second quarter worth approximately $748,095,000. Royal Bank of Canada boosted its holdings in Packaging Corporation of America by 25.2% during the first quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock worth $492,990,000 after buying an additional 467,590 shares in the last quarter. Bank of America Corp DE bought a new stake in Packaging Corporation of America during the second quarter worth approximately $379,568,000. Finally, Atlas FRM LLC bought a new stake in Packaging Corporation of America during the second quarter worth approximately $365,164,100. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Corporation of America Stock Up 0.2%

Shares of Packaging Corporation of America stock opened at $251.18 on Friday. The stock has a 50-day moving average price of $239.96 and a 200 day moving average price of $231.10. The company has a market cap of $22.38 billion, a P/E ratio of 30.93, a P/E/G ratio of 1.88 and a beta of 0.76. The company has a current ratio of 2.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.83. Packaging Corporation of America has a 1 year low of $191.50 and a 1 year high of $262.59.

Packaging Corporation of America (NYSE:PKG) last released its earnings results on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.93 by $0.11. Packaging Corporation of America had a return on equity of 19.43% and a net margin of 7.40%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the business posted $2.73 EPS. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, analysts expect that Packaging Corporation of America will post 10.59 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 15th. Packaging Corporation of America’s dividend payout ratio is 73.89%.

Insider Activity at Packaging Corporation of America

In related news, VP Donald Shirley sold 12,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the vice president directly owned 19,110 shares in the company, valued at approximately $4,791,068.10. This trade represents a 38.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PKG. 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 report on Friday, October 23rd. Weiss Ratings upgraded Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, October 27th. JPMorgan Chase & Co. raised their price objective on Packaging Corporation of America from $320.00 to $322.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Wall Street Zen upgraded Packaging Corporation of America from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Finally, UBS Group decreased their target price on Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating on the stock in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $275.43.

Packaging Corporation of America Company Profile

Packaging Corporation of America (PCA) manufactures containerboard and corrugated packaging. Its packaging products include shipping boxes, retail displays and other protective packaging used to move and present goods. The company operates mills that produce containerboard and facilities that convert it into corrugated products. PCA also makes and sells paper products, including communication and specialty papers. Founded in 1999 as a spin-off from Tenneco, PCA is based in Lake Forest, Illinois, and serves customers primarily in the United States through a network of mills and packaging plants.