MetLife Investment Management LLC Has $4.99 Million Stock Position in Packaging Co. of America (NYSE:PKG)

MetLife Investment Management LLC lessened its stake in shares of Packaging Co. of America (NYSE:PKG) by 2.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 23,174 shares of the industrial products company’s stock after selling 592 shares during the period. MetLife Investment Management LLC’s holdings in Packaging Co. of America were worth $4,992,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PKG. Millennium Management LLC increased its holdings in Packaging Co. of America by 34.3% in the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after purchasing an additional 262,315 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Packaging Co. of America by 164.3% in the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company’s stock valued at $73,272,000 after buying an additional 249,483 shares during the period. International Assets Investment Management LLC increased its stake in shares of Packaging Co. of America by 41,151.7% in the third quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company’s stock valued at $33,499,000 after buying an additional 155,142 shares during the period. Mizuho Securities USA LLC raised its holdings in Packaging Co. of America by 1,800.2% in the 3rd quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company’s stock valued at $28,128,000 after buying an additional 123,711 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted 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 worth $632,654,000 after buying an additional 98,223 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Stock Performance

PKG stock opened at $248.85 on Monday. The firm has a market cap of $22.35 billion, a PE ratio of 29.00, a price-to-earnings-growth ratio of 3.49 and a beta of 0.76. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average price of $228.21 and a 200-day moving average price of $204.79. Packaging Co. of America has a 1-year low of $159.57 and a 1-year high of $250.82.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The firm’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 earnings per share. As a group, equities research analysts expect that Packaging Co. of America will post 9.07 earnings per share for the current year.

Analyst Ratings Changes

PKG has been the subject of several analyst reports. 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 note on Wednesday, October 2nd. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Truist Financial restated a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Finally, Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Packaging Co. of America presently has an average rating of “Hold” and a consensus target price of $221.60.

Insider Activity at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.62, for a total value of $3,007,750.00. Following the transaction, the chief financial officer now directly owns 43,954 shares in the company, valued at $10,576,211.48. This trade represents a 22.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul T. Stecko sold 10,500 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the transaction, the director now owns 8,881 shares in the company, valued at approximately $2,175,045.71. The trade was a 54.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock worth $7,500,905 in the last quarter. Company insiders own 1.60% of the company’s stock.

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.