Beacon Harbor Wealth Advisors Inc. Invests $6.11 Million in Packaging Co. of America (NYSE:PKG)

Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Packaging Co. of America (NYSE:PKG) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 28,368 shares of the industrial products company’s stock, valued at approximately $6,110,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CANADA LIFE ASSURANCE Co lifted its stake in shares of Packaging Co. of America by 4.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock valued at $13,419,000 after purchasing an additional 3,078 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Packaging Co. of America by 30.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock worth $17,168,000 after buying an additional 21,143 shares in the last quarter. Summit Financial Strategies Inc. grew its position in shares of Packaging Co. of America by 5.5% during the 2nd quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after buying an additional 12,129 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Packaging Co. of America by 6.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock valued at $41,839,000 after acquiring an additional 14,277 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of Packaging Co. of America by 10.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock valued at $20,678,000 after acquiring an additional 10,516 shares during the period. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Down 0.9 %

Shares of NYSE PKG opened at $239.48 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. Packaging Co. of America has a 1 year low of $148.50 and a 1 year high of $245.00. The stock has a market capitalization of $21.51 billion, a P/E ratio of 27.91, a P/E/G ratio of 3.26 and a beta of 0.76. The company has a 50-day moving average price of $217.31 and a 200-day moving average price of $197.25.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.05 EPS. On average, equities research analysts forecast that Packaging Co. of America will post 9 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s payout ratio is currently 58.28%.

Wall Street Analyst Weigh In

PKG has been the subject of a number of research reports. Wells Fargo & Company raised their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Truist Financial restated a “buy” rating and issued a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Citigroup increased their price target on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $221.60.

Packaging Co. of America 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.