Packaging Co. of America (NYSE:PKG) Shares Bought by Citigroup Inc.

Citigroup Inc. lifted its position in shares of Packaging Co. of America (NYSE:PKG) by 30.7% during the third quarter, Holdings Channel.com reports. The firm owned 115,005 shares of the industrial products company’s stock after acquiring an additional 27,018 shares during the period. Citigroup Inc.’s holdings in Packaging Co. of America were worth $24,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Asset Dedication LLC grew its position in Packaging Co. of America by 200.0% during the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after buying an additional 112 shares during the period. Central Pacific Bank Trust Division purchased a new stake in shares of Packaging Co. of America during the 3rd quarter worth about $32,000. Tortoise Investment Management LLC purchased a new stake in shares of Packaging Co. of America during the 2nd quarter worth about $33,000. Strategic Financial Concepts LLC acquired a new stake in shares of Packaging Co. of America during the 2nd quarter valued at about $50,000. Finally, Assetmark Inc. increased its stake in shares of Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 83 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on PKG. Truist Financial reiterated 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. Wells Fargo & Company lifted their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Citigroup upped their price objective 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, StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Packaging Co. of America currently has an average rating of “Hold” and a consensus target price of $221.60.

Insider Activity

In related news, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Paul T. Stecko sold 10,500 shares of Packaging Co. of America stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the transaction, the director now directly owns 8,881 shares in the company, valued at $2,175,045.71. This trade 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 over the last ninety days. Corporate insiders own 1.70% of the company’s stock.

Packaging Co. of America Trading Up 0.3 %

Shares of PKG opened at $248.11 on Wednesday. Packaging Co. of America has a 52-week low of $153.58 and a 52-week high of $250.82. The stock has a market cap of $22.28 billion, a PE ratio of 28.92, a price-to-earnings-growth ratio of 3.46 and a beta of 0.76. The firm’s fifty day moving average is $225.48 and its two-hundred day moving average is $203.08. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

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

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.