State of Michigan Retirement System Trims Holdings in Packaging Co. of America (NYSE:PKG)

State of Michigan Retirement System reduced its position in shares of Packaging Co. of America (NYSE:PKG) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,563 shares of the industrial products company’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in Packaging Co. of America were worth $4,667,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Packaging Co. of America in the 4th quarter worth approximately $163,314,000. Boston Partners lifted its holdings in shares of Packaging Co. of America by 49.3% during the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock worth $274,421,000 after acquiring an additional 477,487 shares during the period. Balyasny Asset Management L.P. raised its stake in Packaging Co. of America by 175.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 438,285 shares of the industrial products company’s stock worth $71,401,000 after purchasing an additional 279,059 shares during the period. Retirement Systems of Alabama raised its position in shares of Packaging Co. of America by 1,133.4% in the 4th quarter. Retirement Systems of Alabama now owns 250,752 shares of the industrial products company’s stock worth $40,850,000 after buying an additional 230,422 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Packaging Co. of America by 31.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 783,619 shares of the industrial products company’s stock worth $127,659,000 after purchasing an additional 189,401 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Packaging Co. of America

In related news, SVP Donald R. Shirley sold 6,000 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 $1,177,680.00. Following the completion of the transaction, the senior vice president now owns 20,772 shares of the company’s stock, valued at approximately $4,077,128.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the business’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 completion of the sale, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Donald R. Shirley sold 6,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the transaction, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PKG shares. Bank of America upped their target price on Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Citigroup increased their target price on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Truist Financial raised their price objective on shares of Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, 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 report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and an average target price of $190.50.

Packaging Co. of America Price Performance

Packaging Co. of America stock traded down $0.21 during trading hours on Tuesday, hitting $204.19. 7,609 shares of the company traded hands, compared to its average volume of 614,874. The firm’s 50-day simple moving average is $190.71 and its two-hundred day simple moving average is $184.16. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.60. The firm has a market cap of $18.34 billion, a P/E ratio of 25.55, a P/E/G ratio of 5.08 and a beta of 0.77. Packaging Co. of America has a 1-year low of $143.82 and a 1-year high of $206.74.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, beating the consensus estimate of $2.14 by $0.06. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.31 earnings per share. As a group, analysts forecast that Packaging Co. of America will post 8.71 earnings per share for the current fiscal year.

About Packaging Co. of America

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.