Kingsview Wealth Management LLC Sells 611 Shares of Packaging Co. of America (NYSE:PKG)

Kingsview Wealth Management LLC decreased its stake in shares of Packaging Co. of America (NYSE:PKG) by 15.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,389 shares of the industrial products company’s stock after selling 611 shares during the period. Kingsview Wealth Management LLC’s holdings in Packaging Co. of America were worth $730,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC lifted its holdings in shares of Packaging Co. of America by 105.2% during the 3rd quarter. Cerity Partners LLC now owns 15,833 shares of the industrial products company’s stock valued at $3,410,000 after buying an additional 8,117 shares during the period. Meridian Wealth Management LLC purchased a new stake in Packaging Co. of America during the third quarter valued at $476,000. Citigroup Inc. lifted its holdings in Packaging Co. of America by 30.7% in the third quarter. Citigroup Inc. now owns 115,005 shares of the industrial products company’s stock valued at $24,772,000 after acquiring an additional 27,018 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Packaging Co. of America by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company’s stock worth $632,654,000 after purchasing an additional 98,223 shares during the last quarter. Finally, Trustmark National Bank Trust Department bought a new stake in shares of Packaging Co. of America during the 3rd quarter valued at about $277,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Robert P. Mundy sold 12,500 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.62, for a total value of $3,007,750.00. Following the sale, the chief financial officer now directly owns 43,954 shares in the company, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the transaction, the director now owns 8,881 shares of the company’s stock, valued at $2,175,045.71. This represents a 54.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,000 shares of company stock worth $7,500,905 in the last three months. 1.60% of the stock is owned by company insiders.

Packaging Co. of America Stock Down 0.4 %

Shares of PKG stock opened at $247.03 on Thursday. The company has a market capitalization of $22.18 billion, a price-to-earnings ratio of 28.73, a PEG ratio of 3.47 and a beta of 0.76. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The company’s fifty day moving average price is $226.17 and its 200-day moving average price is $203.56. Packaging Co. of America has a one year low of $156.87 and a one year high of $250.82.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the business earned $2.05 earnings per share. The business’s revenue was up 14.9% on a year-over-year basis. Sell-side analysts expect that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PKG shares. Wells Fargo & Company increased their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Citigroup boosted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $221.60.

Packaging Co. of America 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.