KBC Group NV Sells 5,176 Shares of Packaging Co. of America (NYSE:PKG)

KBC Group NV decreased its position in Packaging Co. of America (NYSE:PKG) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,727 shares of the industrial products company’s stock after selling 5,176 shares during the quarter. KBC Group NV’s holdings in Packaging Co. of America were worth $19,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of PKG. Deseret Mutual Benefit Administrators increased its position in Packaging Co. of America by 15.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 49 shares during the last quarter. Coldstream Capital Management Inc. grew its stake in shares of Packaging Co. of America by 1.4% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company’s stock worth $704,000 after buying an additional 54 shares in the last quarter. Huntington National Bank increased its holdings in shares of Packaging Co. of America by 0.5% in the 3rd quarter. Huntington National Bank now owns 10,075 shares of the industrial products company’s stock worth $2,170,000 after buying an additional 55 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Packaging Co. of America by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company’s stock valued at $1,773,000 after buying an additional 56 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its holdings in shares of Packaging Co. of America by 2.1% in the 2nd quarter. Moors & Cabot Inc. now owns 2,689 shares of the industrial products company’s stock valued at $491,000 after acquiring an additional 56 shares during the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Price Performance

PKG opened at $235.81 on Friday. The business has a fifty day moving average of $221.23 and a 200 day moving average of $199.93. The stock has a market cap of $21.18 billion, a P/E ratio of 27.48, a PEG ratio of 3.35 and a beta of 0.76. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $245.00.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the firm earned $2.05 earnings per share. The business’s revenue was up 14.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is presently 58.28%.

Wall Street Analysts Forecast Growth

PKG has been the topic of several analyst reports. Citigroup boosted their price objective on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Wells Fargo & Company raised their price target on 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, Truist Financial reiterated a “buy” rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Packaging Co. of America has a consensus rating of “Moderate Buy” and a consensus target price of $221.60.

Insider Activity at Packaging Co. of America

In other news, SVP Donald R. Shirley sold 8,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 15,725 shares in the company, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.62, for a total transaction 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 $10,576,211.48. The trade was a 22.14 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

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.