Short Interest in Packaging Co. of America (NYSE:PKG) Decreases By 19.1%

Packaging Co. of America (NYSE:PKG) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, a decrease of 19.1% from the October 15th total of 1,520,000 shares. Based on an average daily trading volume, of 545,300 shares, the short-interest ratio is currently 2.3 days. Approximately 1.4% of the company’s shares are short sold.

Packaging Co. of America Price Performance

PKG traded up $0.21 during midday trading on Friday, reaching $235.81. 583,602 shares of the company’s stock were exchanged, compared to its average volume of 648,058. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The stock has a market capitalization of $21.18 billion, a PE ratio of 27.48, a P/E/G ratio of 3.31 and a beta of 0.76. The business’s 50-day moving average price is $221.23 and its 200 day moving average price is $200.12. Packaging Co. of America has a 1-year low of $148.50 and a 1-year high of $245.00.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. The company had revenue of $2.18 billion during 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 business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.05 earnings per share. As a group, equities analysts anticipate that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on PKG shares. Citigroup raised their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Truist Financial reiterated a “buy” rating and set a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a research note 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.60.

Insider Activity

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the transaction, the senior vice president now directly owns 15,725 shares of the company’s stock, valued at $3,777,145. The trade was a 33.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Deseret Mutual Benefit Administrators boosted its position in Packaging Co. of America by 15.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 371 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 49 shares during the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Packaging Co. of America by 1.4% during the 2nd quarter. Coldstream Capital Management Inc. now owns 3,859 shares of the industrial products company’s stock valued at $704,000 after buying an additional 54 shares during the last quarter. Huntington National Bank grew its stake 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 valued at $2,170,000 after buying an additional 55 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Packaging Co. of America by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 9,713 shares of the industrial products company’s stock worth $1,773,000 after buying an additional 56 shares during the last quarter. Finally, Moors & Cabot Inc. lifted its stake in Packaging Co. of America by 2.1% in the second 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 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.