M&T Bank Corp Has $13.17 Million Position in Packaging Co. of America (NYSE:PKG)

M&T Bank Corp lowered its position in Packaging Co. of America (NYSE:PKG) by 0.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 61,143 shares of the industrial products company’s stock after selling 93 shares during the quarter. M&T Bank Corp’s holdings in Packaging Co. of America were worth $13,171,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Packaging Co. of America by 3.2% in the third quarter. State Street Corp now owns 3,948,546 shares of the industrial products company’s stock valued at $855,212,000 after buying an additional 123,050 shares during the period. Charles Schwab Investment Management Inc. increased its position in Packaging Co. of America by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,937,113 shares of the industrial products company’s stock valued at $632,654,000 after purchasing an additional 98,223 shares during the period. Victory Capital Management Inc. increased its position in Packaging Co. of America by 1.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,853,417 shares of the industrial products company’s stock valued at $520,920,000 after purchasing an additional 41,903 shares during the period. Dimensional Fund Advisors LP increased its position in Packaging Co. of America by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock valued at $210,636,000 after purchasing an additional 86,005 shares during the period. Finally, FMR LLC increased its position in Packaging Co. of America by 3.4% during the 3rd quarter. FMR LLC now owns 1,076,350 shares of the industrial products company’s stock valued at $231,846,000 after purchasing an additional 35,827 shares during the period. Institutional investors and hedge funds own 89.78% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Citigroup raised their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Truist Financial reaffirmed 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 investment 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $221.60.

Packaging Co. of America Price Performance

Shares of PKG opened at $238.23 on Wednesday. Packaging Co. of America has a 12-month low of $159.57 and a 12-month high of $250.82. The business’s fifty day moving average is $232.07 and its 200 day moving average is $207.94. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The stock has a market cap of $21.39 billion, a P/E ratio of 27.77, a P/E/G ratio of 3.41 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business’s revenue was up 14.9% on a year-over-year basis. During the same period last year, the business earned $2.05 EPS. Sell-side analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.10%. Packaging Co. of America’s payout ratio is presently 58.28%.

Insider Buying and Selling at Packaging Co. of America

In other news, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction dated 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 completion of the sale, the senior vice president now owns 15,725 shares in the company, valued at approximately $3,777,145. This trade represents a 33.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul T. Stecko sold 10,500 shares of Packaging Co. of America stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the sale, the director now owns 8,881 shares of the company’s stock, 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 sold 33,300 shares of company stock valued at $8,064,152 in the last quarter. 1.60% of the stock is currently owned by corporate insiders.

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.