Benjamin Edwards Inc. Increases Stake in Packaging Co. of America (NYSE:PKG)

Benjamin Edwards Inc. raised its stake in shares of Packaging Co. of America (NYSE:PKG) by 1,577.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,147 shares of the industrial products company’s stock after buying an additional 31,171 shares during the quarter. Benjamin Edwards Inc.’s holdings in Packaging Co. of America were worth $7,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in PKG. Millennium Management LLC grew its holdings in Packaging Co. of America by 34.3% during the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock valued at $187,596,000 after buying an additional 262,315 shares in the last quarter. AQR Capital Management LLC grew its holdings in Packaging Co. of America by 164.3% during the 2nd 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 in the last quarter. International Assets Investment Management LLC grew its holdings in Packaging Co. of America by 41,151.7% during the 3rd 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 in the last quarter. Mizuho Securities USA LLC grew its holdings in Packaging Co. of America by 1,800.2% during 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings 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 valued at $632,654,000 after buying an additional 98,223 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Co. of America Stock Down 1.6 %

Shares of PKG opened at $244.89 on Tuesday. The company has a market cap of $21.99 billion, a PE ratio of 28.54, a P/E/G ratio of 3.49 and a beta of 0.77. The business has a fifty day moving average of $228.21 and a 200 day moving average of $204.95. Packaging Co. of America has a 52-week low of $159.57 and a 52-week high of $250.82. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. The company 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%. Packaging Co. of America’s revenue was up 14.9% on a year-over-year basis. During the same period last year, the company earned $2.05 earnings per share. On average, sell-side analysts expect that Packaging Co. of America will post 9.07 EPS for the current year.

Insider Buying and Selling

In other Packaging Co. of America news, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $244.91, for a total value of $2,571,555.00. Following the sale, the director now owns 8,881 shares in the company, valued at $2,175,045.71. This trade represents a 54.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total value of $1,921,600.00. Following the completion of the sale, the senior vice president now owns 15,725 shares in the company, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,000 shares of company stock worth $7,500,905 over the last three months. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PKG has been the subject of a number of research reports. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Truist Financial reiterated a “buy” rating and set a $252.00 target price (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Wells Fargo & Company increased 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. Finally, Citigroup increased their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $221.60.

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.