Franklin Resources Inc. increased its stake in Packaging Co. of America (NYSE:PKG – Free Report) by 4.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,628 shares of the industrial products company’s stock after acquiring an additional 5,339 shares during the quarter. Franklin Resources Inc.’s holdings in Packaging Co. of America were worth $28,736,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Central Pacific Bank Trust Division bought a new stake in Packaging Co. of America in the third quarter valued at $32,000. Larson Financial Group LLC grew its stake in shares of Packaging Co. of America by 234.7% in the 3rd quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after buying an additional 115 shares during the period. Asset Dedication LLC increased its position in Packaging Co. of America by 200.0% in the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after buying an additional 112 shares in the last quarter. Tortoise Investment Management LLC acquired a new position in Packaging Co. of America during the 2nd quarter worth approximately $33,000. Finally, Assetmark Inc. boosted its holdings in Packaging Co. of America by 44.6% in the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 83 shares in the last quarter. 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 $229.22 on Thursday. 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 $234.70 and a 200-day moving average of $210.02. Packaging Co. of America has a one year low of $159.57 and a one year high of $250.82. The company has a market cap of $20.59 billion, a P/E ratio of 26.72, a P/E/G ratio of 3.34 and a beta of 0.77.
Packaging Co. of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 20th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.18%. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.28%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on PKG shares. Truist Financial restated a “buy” rating and set a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Saturday, December 14th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating and lifted their price objective for the company from $215.00 to $280.00 in a report on Wednesday. Citigroup upped their target price on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their price target on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $231.33.
Insiders Place Their Bets
In other news, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction on 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 sale, the senior vice president now directly owns 15,725 shares in the company, valued at $3,777,145. The trade was a 33.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,300 shares of company stock valued at $8,064,152. 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.
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