Packaging Co. of America (NYSE:PKG) Shares Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets grew its holdings in Packaging Co. of America (NYSE:PKG) by 24.2% in the third quarter, Holdings Channel reports. The institutional investor owned 121,641 shares of the industrial products company’s stock after acquiring an additional 23,683 shares during the quarter. BNP Paribas Financial Markets’ holdings in Packaging Co. of America were worth $26,201,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Millennium Management LLC grew its holdings in shares of Packaging Co. of America by 34.3% in the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock valued at $187,596,000 after purchasing an additional 262,315 shares during the period. AQR Capital Management LLC grew its stake in shares of Packaging Co. of America by 164.3% in the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company’s stock worth $73,272,000 after acquiring an additional 249,483 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Packaging Co. of America by 41,151.7% during the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company’s stock worth $33,499,000 after purchasing an additional 155,142 shares during the period. Mizuho Securities USA LLC raised its holdings in Packaging Co. of America by 1,800.2% in the third quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company’s stock valued at $28,128,000 after acquiring an additional 123,711 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of 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 worth $632,654,000 after purchasing an additional 98,223 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Trading Up 0.7 %

PKG opened at $248.66 on Friday. Packaging Co. of America has a 52-week low of $159.57 and a 52-week high of $250.82. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $22.33 billion, a P/E ratio of 28.98, a P/E/G ratio of 3.47 and a beta of 0.76. The firm’s 50 day moving average is $227.50 and its 200-day moving average is $204.16.

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

Insider Activity at Packaging Co. of America

In other news, SVP Donald R. Shirley sold 8,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total value of $1,921,600.00. Following the sale, the senior vice president now owns 15,725 shares of the company’s stock, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction on Friday, November 8th. The shares were 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 of the company’s stock, valued at approximately $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,000 shares of company stock worth $7,500,905 in the last ninety days. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Truist Financial reaffirmed a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Citigroup raised their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their price target on 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Packaging Co. of America has a consensus rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Company 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.