Chevy Chase Trust Holdings LLC Sells 782 Shares of Packaging Co. of America (NYSE:PKG)

Chevy Chase Trust Holdings LLC lowered its stake in Packaging Co. of America (NYSE:PKG) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,283 shares of the industrial products company’s stock after selling 782 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Packaging Co. of America worth $9,353,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. FIL Ltd increased its stake in Packaging Co. of America by 2.6% during the 4th quarter. FIL Ltd now owns 2,210,000 shares of the industrial products company’s stock valued at $360,031,000 after purchasing an additional 55,000 shares in the last quarter. Northern Trust Corp increased its stake in Packaging Co. of America by 2.4% during the 4th quarter. Northern Trust Corp now owns 1,182,797 shares of the industrial products company’s stock valued at $192,689,000 after purchasing an additional 27,974 shares in the last quarter. Norges Bank bought a new stake in Packaging Co. of America during the 4th quarter valued at $163,314,000. Boston Partners increased its stake in Packaging Co. of America by 20.1% during the 4th quarter. Boston Partners now owns 968,816 shares of the industrial products company’s stock valued at $157,836,000 after purchasing an additional 162,420 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Packaging Co. of America by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 874,497 shares of the industrial products company’s stock valued at $165,962,000 after purchasing an additional 5,842 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PKG. BNP Paribas lowered shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 target price for the company. in a research note on Friday, April 12th. Citigroup upped their target price on shares of Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a research note on Monday. Truist Financial upped their target price on shares of Packaging Co. of America from $191.00 to $208.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Wells Fargo & Company boosted their price target on shares of Packaging Co. of America from $191.00 to $194.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Bank of America boosted their price target on shares of Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Four investment 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.17.

Insider Transactions at Packaging Co. of America

In other Packaging Co. of America news, Director Karen E. Gowland bought 300 shares of Packaging Co. of America stock in a transaction dated Wednesday, May 15th. The stock was purchased at an average price of $182.06 per share, for a total transaction of $54,618.00. Following the completion of the purchase, the director now directly owns 916 shares of the company’s stock, valued at $166,766.96. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Packaging Co. of America Stock Performance

NYSE PKG traded up $2.70 during trading on Wednesday, hitting $179.02. 166,521 shares of the company’s stock traded hands, compared to its average volume of 627,226. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.74 and a current ratio of 2.46. The stock has a market capitalization of $16.08 billion, a price-to-earnings ratio of 22.33, a PEG ratio of 4.86 and a beta of 0.77. Packaging Co. of America has a 12-month low of $131.71 and a 12-month high of $191.39. The business has a 50 day moving average of $181.76 and a 200-day moving average of $177.21.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.09. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.91 billion. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.80%. The company’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the company earned $2.20 earnings per share. As a group, equities research analysts anticipate that Packaging Co. of America will post 8.33 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.00 annualized dividend and a dividend yield of 2.79%. Packaging Co. of America’s payout ratio is 62.50%.

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.