63,612 Packaging Corporation of America $PKG Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in Packaging Corporation of America (NYSE:PKG) by 30.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,533 shares of the industrial products company’s stock after selling 63,612 shares during the period. Retirement Systems of Alabama owned approximately 0.17% of Packaging Corporation of America worth $34,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Packaging Corporation of America by 37.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,628 shares of the industrial products company’s stock valued at $1,293,000 after purchasing an additional 1,544 shares during the last quarter. Beverly Hills Private Wealth LLC boosted its position in shares of Packaging Corporation of America by 2.0% in the 3rd quarter. Beverly Hills Private Wealth LLC now owns 8,650 shares of the industrial products company’s stock valued at $1,983,000 after purchasing an additional 171 shares during the period. M Holdings Securities Inc. acquired a new stake in shares of Packaging Corporation of America in the 3rd quarter valued at about $327,000. Parallel Advisors LLC grew its stake in Packaging Corporation of America by 15.3% during the 3rd quarter. Parallel Advisors LLC now owns 687 shares of the industrial products company’s stock worth $158,000 after buying an additional 91 shares during the last quarter. Finally, Alps Advisors Inc. grew its stake in Packaging Corporation of America by 4.8% during the 3rd quarter. Alps Advisors Inc. now owns 5,304 shares of the industrial products company’s stock worth $1,216,000 after buying an additional 245 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Performance

Shares of PKG stock opened at $254.07 on Wednesday. The company has a current ratio of 2.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.83. The stock has a 50 day simple moving average of $238.80 and a 200-day simple moving average of $230.68. The company has a market cap of $22.64 billion, a price-to-earnings ratio of 31.29, a price-to-earnings-growth ratio of 1.92 and a beta of 0.76. Packaging Corporation of America has a 12-month low of $191.50 and a 12-month high of $262.59.

Packaging Corporation of America (NYSE:PKG) last posted its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, beating analysts’ consensus estimates of $2.93 by $0.11. Packaging Corporation of America had a return on equity of 19.43% and a net margin of 7.40%. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the previous year, the business earned $2.73 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities analysts forecast that Packaging Corporation of America will post 10.56 EPS for the current year.

Packaging Corporation of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th were given a dividend of $1.50 per share. 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 payout ratio is presently 73.89%.

Insider Activity at Packaging Corporation of America

In other Packaging Corporation of America news, VP Donald Shirley sold 12,000 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the sale, the vice president directly owned 19,110 shares in the company, valued at approximately $4,791,068.10. The trade was a 38.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

PKG has been the topic of several research analyst reports. Wells Fargo & Company cut their price target on Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 7th. Bank of America decreased their price objective on Packaging Corporation of America from $280.00 to $260.00 and set a “buy” rating for the company in a report on Friday, September 11th. JPMorgan Chase & Co. raised their target price 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. Truist Financial reaffirmed a “buy” rating and issued a $294.00 target price (up from $280.00) on shares of Packaging Corporation of America in a report on Friday, October 23rd. Finally, Citigroup lifted their target price on shares of Packaging Corporation of America from $253.00 to $262.00 and gave the company a “neutral” rating in a report on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $275.43.

Packaging Corporation of America Profile

Packaging Corporation of America (PCA) manufactures containerboard and corrugated packaging. Its packaging products include shipping boxes, retail displays and other protective packaging used to move and present goods. The company operates mills that produce containerboard and facilities that convert it into corrugated products. PCA also makes and sells paper products, including communication and specialty papers. Founded in 1999 as a spin-off from Tenneco, PCA is based in Lake Forest, Illinois, and serves customers primarily in the United States through a network of mills and packaging plants.