Concurrent Investment Advisors LLC Trims Stake in Packaging Co. of America (NYSE:PKG)

Concurrent Investment Advisors LLC cut its holdings in shares of Packaging Co. of America (NYSE:PKG) by 60.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,552 shares of the industrial products company’s stock after selling 5,507 shares during the period. Concurrent Investment Advisors LLC’s holdings in Packaging Co. of America were worth $800,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PKG. State Street Corp boosted its stake in Packaging Co. of America by 3.2% during the third quarter. State Street Corp now owns 3,948,546 shares of the industrial products company’s stock worth $855,212,000 after buying an additional 123,050 shares during the period. Charles Schwab Investment Management Inc. increased its position in Packaging Co. of America by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company’s stock valued at $632,654,000 after purchasing an additional 98,223 shares during the period. Geode Capital Management LLC raised its stake in Packaging Co. of America by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,337,296 shares of the industrial products company’s stock worth $501,896,000 after buying an additional 12,936 shares in the last quarter. FMR LLC grew its stake in Packaging Co. of America by 3.4% in the third quarter. FMR LLC now owns 1,076,350 shares of the industrial products company’s stock valued at $231,846,000 after purchasing an additional 35,827 shares during the last quarter. Finally, Stifel Financial Corp increased its position in shares of Packaging Co. of America by 1,462.2% during the third quarter. Stifel Financial Corp now owns 573,073 shares of the industrial products company’s stock worth $123,440,000 after purchasing an additional 536,389 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Insider Buying and Selling

In other Packaging Co. of America news, SVP Joseph Vaughn sold 2,300 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total transaction of $563,247.00. Following the transaction, the senior vice president now directly owns 9,197 shares in the company, valued at $2,252,253.33. This represents a 20.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Packaging Co. of America Stock Down 0.7 %

PKG stock opened at $208.19 on Monday. The firm has a market cap of $18.70 billion, a PE ratio of 23.31, a PEG ratio of 2.41 and a beta of 0.77. Packaging Co. of America has a one year low of $169.00 and a one year high of $250.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The firm’s 50 day moving average price is $224.09 and its 200-day moving average price is $222.20.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. On average, equities research analysts anticipate that Packaging Co. of America will post 10.44 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th were issued a $1.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $5.00 annualized dividend and a dividend yield of 2.40%. Packaging Co. of America’s dividend payout ratio is currently 55.99%.

Wall Street Analyst Weigh In

PKG has been the subject of a number of research analyst reports. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, January 29th. Citigroup increased their target price on shares of Packaging Co. of America from $232.00 to $235.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. Wells Fargo & Company decreased their price objective on shares of Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating and upped their price target for the stock from $215.00 to $280.00 in a research report on Wednesday, December 18th. Finally, Truist Financial reiterated a “buy” rating and set a $265.00 price objective (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $233.00.

Packaging Co. of America Profile

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.