Benjamin Edwards Inc. Purchases 31,171 Shares of Packaging Co. of America (NYSE:PKG)

Benjamin Edwards Inc. increased its position in Packaging Co. of America (NYSE:PKG) by 1,577.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,147 shares of the industrial products company’s stock after purchasing an additional 31,171 shares during the period. Benjamin Edwards Inc.’s holdings in Packaging Co. of America were worth $7,141,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Asset Dedication LLC boosted its stake in 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 purchasing an additional 112 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Packaging Co. of America in the 3rd quarter worth about $32,000. Tortoise Investment Management LLC bought a new position in Packaging Co. of America in the 2nd quarter worth about $33,000. Larson Financial Group LLC boosted its stake in Packaging Co. of America by 234.7% in the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 115 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in Packaging Co. of America in the 2nd quarter worth about $50,000. Institutional investors own 89.78% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Citigroup upped their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Truist Financial restated a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Wells Fargo & Company upped their target price 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. Finally, StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Packaging Co. of America has a consensus 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 stock in a transaction that occurred 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 completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the completion of the sale, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,000 shares of company stock valued at $7,500,905 in the last quarter. 1.70% of the stock is currently owned by insiders.

Packaging Co. of America Price Performance

NYSE PKG opened at $244.89 on Tuesday. Packaging Co. of America has a 52 week low of $159.57 and a 52 week high of $250.82. The firm has a market capitalization of $21.99 billion, a P/E ratio of 28.54, a PEG ratio of 3.49 and a beta of 0.77. 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 company has a 50-day moving average price of $228.21 and a 200-day moving average price of $204.95.

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

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.