Packaging Corporation of America $PKG Shares Bought by Conning Inc.

Conning Inc. grew its position in shares of Packaging Corporation of America (NYSE:PKG) by 4.1% during the third quarter, Holdings Channel reports. The firm owned 167,800 shares of the industrial products company’s stock after acquiring an additional 6,613 shares during the quarter. Packaging Corporation of America makes up approximately 1.2% of Conning Inc.’s portfolio, making the stock its 24th biggest holding. Conning Inc.’s holdings in Packaging Corporation of America were worth $38,470,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PKG. Generali Asset Management SPA SGR acquired a new stake in shares of Packaging Corporation of America in the third quarter valued at $452,000. Asset Management One Co. Ltd. raised its holdings in shares of Packaging Corporation of America by 3.5% in the 3rd quarter. Asset Management One Co. Ltd. now owns 39,514 shares of the industrial products company’s stock valued at $9,059,000 after buying an additional 1,324 shares during the period. John Boyer Inc. acquired a new position in Packaging Corporation of America during the 3rd quarter worth about $28,000. Lynch Investment Planning LLC acquired a new position in Packaging Corporation of America during the 3rd quarter worth about $45,000. Finally, Oppenheimer & Co. Inc. boosted its holdings in Packaging Corporation of America by 3.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,964 shares of the industrial products company’s stock valued at $909,000 after acquiring an additional 134 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Down 1.7%

Shares of NYSE PKG opened at $248.74 on Thursday. The stock has a market cap of $22.16 billion, a P/E ratio of 30.63, a PEG ratio of 1.98 and a beta of 0.75. The company has a current ratio of 2.94, a quick ratio of 1.86 and a debt-to-equity ratio of 0.85. Packaging Corporation of America has a 12-month low of $191.50 and a 12-month high of $259.98. The business’s fifty day simple moving average is $237.29 and its 200-day simple moving average is $229.09.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.93 by $0.11. Packaging Corporation of America had a return on equity of 19.63% and a net margin of 7.40%. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period last year, the business posted $2.73 earnings per share. Packaging Corporation of America’s revenue was up 12.5% compared to the same quarter last year. As a group, equities analysts predict that Packaging Corporation of America will post 10.56 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

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

Insider Activity

In other news, VP Donald Shirley sold 12,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the completion of the transaction, the vice president directly owned 19,110 shares of the company’s stock, valued at approximately $4,791,068.10. The trade was a 38.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Thomas Hassfurther sold 12,531 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $250.00, for a total transaction of $3,132,750.00. Following the sale, the president owned 218,751 shares in the company, valued at $54,687,750. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 40,391 shares of company stock valued at $10,196,101 in the last quarter. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Weiss Ratings raised Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Packaging Corporation of America from $320.00 to $322.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Bank of America reduced 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 research report on Friday, September 11th. Truist Financial reissued a “buy” rating and issued a $294.00 price objective (up from $280.00) on shares of Packaging Corporation of America in a research note on Friday, October 23rd. Finally, UBS Group dropped their price objective on shares of Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating for the company in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.43.

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.