Empirical Finance LLC Acquires 63 Shares of Packaging Co. of America (NYSE:PKG)

Empirical Finance LLC lifted its holdings in shares of Packaging Co. of America (NYSE:PKG) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,105 shares of the industrial products company’s stock after purchasing an additional 63 shares during the period. Empirical Finance LLC’s holdings in Packaging Co. of America were worth $669,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Asset Dedication LLC boosted its holdings in shares of Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after buying an additional 112 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Packaging Co. of America during the third quarter worth $32,000. Tortoise Investment Management LLC acquired a new stake in Packaging Co. of America in the second quarter worth $33,000. Strategic Financial Concepts LLC bought a new stake in Packaging Co. of America in the second quarter valued at $50,000. Finally, Assetmark Inc. raised its holdings in shares of Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 83 shares during the period. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Shares of PKG stock opened at $235.81 on Monday. 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 firm has a 50-day moving average of $221.23 and a 200-day moving average of $200.30. Packaging Co. of America has a one year low of $148.50 and a one year high of $245.00. The company has a market cap of $21.18 billion, a P/E ratio of 27.48, a P/E/G ratio of 3.31 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.10%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 EPS. Equities research analysts forecast that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is presently 58.28%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PKG. Wells Fargo & Company boosted their target price on 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. Citigroup upped their target price on 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. Truist Financial restated a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.60.

Insider Transactions at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the sale, the chief financial officer now owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value 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 approximately $3,777,145. This trade represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

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.