Sierra Summit Advisors LLC Acquires 516 Shares of Packaging Co. of America (NYSE:PKG)

Sierra Summit Advisors LLC grew its holdings in shares of Packaging Co. of America (NYSE:PKG) by 17.0% in the 2nd quarter, Holdings Channel reports. The fund owned 3,545 shares of the industrial products company’s stock after buying an additional 516 shares during the period. Sierra Summit Advisors LLC’s holdings in Packaging Co. of America were worth $647,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co increased its position in Packaging Co. of America by 4.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after purchasing an additional 3,078 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Packaging Co. of America by 30.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock valued at $17,168,000 after acquiring an additional 21,143 shares during the last quarter. Cim LLC acquired a new stake in shares of Packaging Co. of America during the 4th quarter valued at $2,003,000. Summit Financial Strategies Inc. boosted its holdings in shares of Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock valued at $42,809,000 after acquiring an additional 12,129 shares in the last quarter. Finally, AXS Investments LLC bought a new stake in Packaging Co. of America during the 4th quarter worth $766,000. Institutional investors own 89.78% of the company’s stock.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of the sale, the executive vice president now directly owns 25,539 shares in the company, valued at $5,012,794.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the transaction, the executive vice president now owns 25,539 shares in the company, valued at $5,012,794.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on PKG. Truist Financial increased their target price on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Bank of America lifted their target price on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Citigroup upped their price target on shares of Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $190.50.

Packaging Co. of America Stock Performance

Shares of PKG opened at $210.27 on Monday. The firm’s fifty day simple moving average is $197.12 and its two-hundred day simple moving average is $187.69. Packaging Co. of America has a 12 month low of $143.82 and a 12 month high of $211.90. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $18.88 billion, a P/E ratio of 26.28, a price-to-earnings-growth ratio of 4.03 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating the consensus estimate of $2.14 by $0.06. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.31 EPS. As a group, analysts predict that Packaging Co. of America will post 8.72 EPS for the current year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be paid a $1.25 dividend. The ex-dividend date is Monday, September 16th. This represents a $5.00 annualized dividend and a dividend yield of 2.38%. Packaging Co. of America’s dividend payout ratio is currently 62.50%.

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.