Palumbo Wealth Management LLC Sells 57 Shares of Packaging Co. of America (NYSE:PKG)

Palumbo Wealth Management LLC lessened its position in Packaging Co. of America (NYSE:PKG) by 3.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,689 shares of the industrial products company’s stock after selling 57 shares during the period. Palumbo Wealth Management LLC’s holdings in Packaging Co. of America were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of PKG. Victory Capital Management Inc. lifted its position in shares of Packaging Co. of America by 1.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock worth $520,920,000 after purchasing an additional 41,903 shares during the last quarter. Boston Partners boosted its position in shares of Packaging Co. of America by 49.3% in the first quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock valued at $274,421,000 after acquiring an additional 477,487 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Packaging Co. of America by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock worth $210,636,000 after acquiring an additional 86,005 shares during the last quarter. Millennium Management LLC increased its position in Packaging Co. of America by 34.3% during the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after acquiring an additional 262,315 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Packaging Co. of America by 5.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 869,341 shares of the industrial products company’s stock valued at $164,985,000 after purchasing an additional 42,465 shares during the last quarter. Institutional investors and hedge funds own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wells Fargo & Company raised their price target 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. Citigroup lifted their target price on 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. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Truist Financial reissued a “buy” rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and an average target price of $221.60.

Packaging Co. of America Price Performance

PKG traded up $1.29 during midday trading on Thursday, reaching $230.09. 80,817 shares of the company’s stock were exchanged, compared to its average volume of 596,665. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The business has a 50-day simple moving average of $213.79 and a two-hundred day simple moving average of $195.09. The firm has a market capitalization of $20.66 billion, a price-to-earnings ratio of 28.60, a price-to-earnings-growth ratio of 3.20 and a beta of 0.77. Packaging Co. of America has a one year low of $148.50 and a one year high of $232.98.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the company earned $2.05 EPS. Packaging Co. of America’s revenue was up 14.9% on a year-over-year basis. As a group, research analysts predict that Packaging Co. of America will post 9 EPS for the current year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were given a $1.25 dividend. The ex-dividend date was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a yield of 2.17%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 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.