HighTower Advisors LLC Increases Holdings in Packaging Co. of America (NYSE:PKG)

HighTower Advisors LLC increased its holdings in shares of Packaging Co. of America (NYSE:PKG) by 1.6% in the third quarter, Holdings Channel reports. The firm owned 222,551 shares of the industrial products company’s stock after acquiring an additional 3,579 shares during the period. HighTower Advisors LLC’s holdings in Packaging Co. of America were worth $47,941,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new stake in Packaging Co. of America during the 3rd quarter worth $32,000. Larson Financial Group LLC lifted its holdings 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 buying an additional 115 shares in the last quarter. Asset Dedication LLC lifted its holdings 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 buying an additional 112 shares in the last quarter. Tortoise Investment Management LLC acquired a new position in Packaging Co. of America in the 2nd quarter worth $33,000. Finally, Assetmark Inc. lifted its holdings in Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after buying an additional 83 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the sale, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the sale, the director now owns 8,881 shares in the company, valued at approximately $2,175,045.71. This trade represents a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,300 shares of company stock worth $8,064,152 over the last quarter. 1.60% of the stock is owned by company insiders.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock opened at $243.99 on Thursday. The firm has a market cap of $21.91 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 3.44 and a beta of 0.77. The firm’s 50-day simple moving average is $229.40 and its 200-day simple moving average is $205.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a 1 year low of $159.57 and a 1 year high of $250.82.

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. The business 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 revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.05 EPS. Equities analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PKG. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday. Truist Financial reiterated a “buy” rating and issued a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Wells Fargo & Company boosted 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 report on Thursday, October 24th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $221.60.

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.