Packaging Corporation of America $PKG Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Packaging Corporation of America (NYSE:PKG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 22,223 shares of the industrial products company’s stock, valued at approximately $5,095,000.

Several other institutional investors have also recently added to or reduced their stakes in PKG. BlackRock Inc. purchased a new stake in Packaging Corporation of America during the 2nd quarter valued at approximately $1,837,506,000. Bank of New York Mellon Corp acquired a new stake in Packaging Corporation of America during the 2nd quarter worth approximately $748,095,000. Royal Bank of Canada lifted its position in Packaging Corporation of America by 25.2% during the 1st quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock worth $492,990,000 after acquiring an additional 467,590 shares during the period. Bank of America Corp DE acquired a new stake in Packaging Corporation of America during the 2nd quarter worth approximately $379,568,000. Finally, Atlas FRM LLC purchased a new position in shares of Packaging Corporation of America in the 2nd quarter valued at approximately $365,164,100. Institutional investors and hedge funds own 89.78% of the company’s stock.

Insider Activity at Packaging Corporation of America

In related news, VP Donald Shirley sold 12,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 19,110 shares of the company’s stock, valued at approximately $4,791,068.10. This represents a 38.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Packaging Corporation of America Stock Performance

NYSE PKG opened at $249.34 on Friday. The business’s 50 day moving average is $238.03 and its two-hundred day moving average is $230.17. The stock has a market capitalization of $22.22 billion, a price-to-earnings ratio of 30.71, a PEG ratio of 1.95 and a beta of 0.76. 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 $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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.93 by $0.11. Packaging Corporation of America had a net margin of 7.40% and a return on equity of 19.63%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the firm earned $2.73 EPS. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. Research analysts expect that Packaging Corporation of America will post 10.56 EPS for the current year.

Packaging Corporation of America Announces Dividend

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

Wall Street Analysts Forecast Growth

PKG has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Packaging Corporation of America from $320.00 to $322.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. UBS Group cut their price target on Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Weiss Ratings upgraded Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 27th. Wells Fargo & Company decreased their price target on Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. Finally, Truist Financial reiterated a “buy” rating and issued a $294.00 price objective (up from $280.00) on shares of Packaging Corporation of America in a research report on Friday, October 23rd. 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 MarketBeat.com, Packaging Corporation of America presently has an average rating of “Moderate Buy” and a consensus price target of $275.43.

Packaging Corporation of America Profile

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.