Paloma Partners Management Co Makes New $669,000 Investment in Packaging Co. of America (NYSE:PKG)

Paloma Partners Management Co purchased a new position in Packaging Co. of America (NYSE:PKG) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,527 shares of the industrial products company’s stock, valued at approximately $669,000.

Several other hedge funds have also added to or reduced their stakes in PKG. Ascent Group LLC bought a new position in shares of Packaging Co. of America during the first quarter valued at about $1,290,000. Earnest Partners LLC raised its stake in shares of Packaging Co. of America by 31.7% during the first quarter. Earnest Partners LLC now owns 265,341 shares of the industrial products company’s stock valued at $50,356,000 after acquiring an additional 63,942 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Packaging Co. of America by 5.1% during the first 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 acquiring an additional 42,465 shares during the last quarter. Alpine Global Management LLC bought a new position in shares of Packaging Co. of America during the first quarter valued at about $2,223,000. Finally, Toronto Dominion Bank raised its stake in shares of Packaging Co. of America by 1.4% during the first quarter. Toronto Dominion Bank now owns 50,247 shares of the industrial products company’s stock valued at $9,536,000 after acquiring an additional 694 shares during the last quarter. 89.78% of the stock is owned by institutional investors.

Packaging Co. of America Stock Down 0.3 %

Shares of NYSE:PKG traded down $0.60 during trading on Monday, reaching $198.40. 390,316 shares of the stock traded hands, compared to its average volume of 629,350. The stock has a 50-day moving average of $184.95 and a two-hundred day moving average of $179.75. Packaging Co. of America has a 52-week low of $143.82 and a 52-week high of $199.60. 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 cap of $17.82 billion, a P/E ratio of 24.80, a price-to-earnings-growth ratio of 5.20 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.06. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.39%. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, sell-side analysts expect that Packaging Co. of America will post 8.62 earnings per share for the current fiscal year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Friday, June 14th. Packaging Co. of America’s payout ratio is 62.50%.

Insider Buying and Selling

In related news, Director Karen E. Gowland bought 300 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were bought at an average price of $182.06 per share, for a total transaction of $54,618.00. Following the completion of the acquisition, the director now owns 916 shares of the company’s stock, valued at approximately $166,766.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Charles J. Carter sold 5,389 shares of the firm’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 $1,057,752.92. Following the sale, 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen E. Gowland bought 300 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was bought at an average price of $182.06 per share, for a total transaction of $54,618.00. Following the acquisition, the director now directly owns 916 shares of the company’s stock, valued at approximately $166,766.96. The disclosure for this purchase can be found here. 1.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PKG. Bank of America upped their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company increased their price target 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. Truist Financial increased their price target on shares of Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, BNP Paribas cut shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective on the stock. in a report on Friday, April 12th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Packaging Co. of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.50.

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.