Pitcairn Co. Has $634,000 Position in Packaging Co. of America (NYSE:PKG)

Pitcairn Co. lowered its stake in shares of Packaging Co. of America (NYSE:PKG) by 9.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,944 shares of the industrial products company’s stock after selling 323 shares during the quarter. Pitcairn Co.’s holdings in Packaging Co. of America were worth $634,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Central Pacific Bank Trust Division bought a new stake in shares of Packaging Co. of America in the third quarter valued at about $32,000. Asset Dedication LLC lifted its position in shares of Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 112 shares during the period. Tortoise Investment Management LLC acquired a new stake in shares of Packaging Co. of America during the 2nd quarter worth approximately $33,000. Assetmark Inc. raised its stake in shares of Packaging Co. of America by 44.6% in the third 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. Finally, Allworth Financial LP lifted its position in Packaging Co. of America by 65.1% in the third quarter. Allworth Financial LP now owns 312 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 123 shares during the period. Institutional investors own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

PKG has been the topic of several analyst reports. Truist Financial reissued a “buy” rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. 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. Citigroup lifted their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company increased their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $221.60.

Insider Activity at Packaging Co. of America

In other news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.62, for a total transaction 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 $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul T. Stecko sold 10,500 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 8,881 shares of the company’s stock, valued at $2,175,045.71. This trade represents a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,000 shares of company stock valued at $7,500,905 over the last ninety days. 1.70% of the stock is owned by insiders.

Packaging Co. of America Stock Performance

NYSE PKG opened at $247.36 on Tuesday. Packaging Co. of America has a 1-year low of $153.58 and a 1-year high of $250.82. The company has a 50 day moving average of $225.48 and a 200-day moving average of $203.08. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The firm has a market cap of $22.22 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 3.46 and a beta of 0.76.

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

About Packaging Co. of America

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.