Retirement Systems of Alabama Has $47.11 Million Stake in Packaging Co. of America (NYSE:PKG)

Retirement Systems of Alabama lowered its holdings in Packaging Co. of America (NYSE:PKG) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 218,688 shares of the industrial products company’s stock after selling 18,944 shares during the quarter. Retirement Systems of Alabama owned about 0.24% of Packaging Co. of America worth $47,105,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Central Pacific Bank Trust Division acquired a new position in shares of Packaging Co. of America during the third quarter valued at about $32,000. Larson Financial Group LLC boosted its stake in Packaging Co. of America by 234.7% during the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 115 shares during the last quarter. Asset Dedication LLC increased its holdings in Packaging Co. of America by 200.0% during 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. Tortoise Investment Management LLC purchased a new stake in shares of Packaging Co. of America in the second quarter worth approximately $33,000. Finally, Assetmark Inc. boosted its position in shares of Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock valued at $58,000 after buying an additional 83 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Packaging Co. of America stock traded down $1.20 during midday trading on Friday, reaching $237.89. The stock had a trading volume of 16,449 shares, compared to its average volume of 599,029. The firm has a market capitalization of $21.36 billion, a PE ratio of 27.86, a P/E/G ratio of 3.35 and a beta of 0.77. Packaging Co. of America has a 12 month low of $159.57 and a 12 month high of $250.82. 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 firm’s 50-day moving average price is $233.12 and its 200 day moving average price is $208.37.

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 (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.15. The company 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%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.05 earnings per share. As a group, research analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, December 20th. Packaging Co. of America’s payout ratio is 58.28%.

Wall Street Analysts Forecast Growth

PKG has been the subject of a number of analyst reports. Truist Financial reissued a “buy” rating and issued a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Wells Fargo & Company upped their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Citigroup lifted their target price 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $221.60.

Insider Activity

In related news, SVP Donald R. Shirley sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value of $1,921,600.00. Following the transaction, the senior vice president now directly owns 15,725 shares in the company, valued at approximately $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Joseph Vaughn sold 2,300 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total transaction of $563,247.00. Following the completion of the transaction, the senior vice president now directly owns 9,197 shares in the company, valued at $2,252,253.33. The trade was a 20.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,300 shares of company stock worth $8,064,152. 1.60% of the stock is owned by company insiders.

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.