Wedge Capital Management L L P NC Sells 6,687 Shares of Packaging Co. of America (NYSE:PKG)

Wedge Capital Management L L P NC trimmed its stake in Packaging Co. of America (NYSE:PKG) by 18.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,126 shares of the industrial products company’s stock after selling 6,687 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Packaging Co. of America were worth $6,557,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Central Pacific Bank Trust Division bought a new position in shares of Packaging Co. of America during the 3rd quarter worth $32,000. Larson Financial Group LLC raised its position in shares of Packaging Co. of America by 234.7% in the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 115 shares during the period. Fortitude Family Office LLC lifted its stake in shares of Packaging Co. of America by 150.8% during the 4th quarter. Fortitude Family Office LLC now owns 163 shares of the industrial products company’s stock valued at $37,000 after buying an additional 98 shares in the last quarter. Assetmark Inc. boosted its holdings in Packaging Co. of America by 44.6% in the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock worth $58,000 after buying an additional 83 shares during the period. Finally, Brooklyn Investment Group purchased a new position in Packaging Co. of America in the 3rd quarter valued at approximately $64,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Citigroup upped their price target on Packaging Co. of America from $232.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating and raised their price objective for the company from $215.00 to $280.00 in a research report on Wednesday, December 18th. Truist Financial upped their target price on shares of Packaging Co. of America from $252.00 to $282.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company increased their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $238.67.

Packaging Co. of America Stock Up 0.9 %

Shares of NYSE:PKG opened at $237.52 on Friday. Packaging Co. of America has a 12-month low of $159.57 and a 12-month high of $250.82. 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’s 50-day moving average price is $235.69 and its 200-day moving average price is $216.89. The stock has a market capitalization of $21.33 billion, a P/E ratio of 27.68, a price-to-earnings-growth ratio of 2.24 and a beta of 0.79.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion during 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 firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.05 EPS. On average, equities analysts anticipate that Packaging Co. of America will post 9.08 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 20th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $5.00 annualized dividend and a dividend yield of 2.11%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 58.28%.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Joseph Vaughn sold 2,300 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $244.89, for a total value of $563,247.00. Following the completion of the transaction, the senior vice president now directly owns 9,197 shares of the company’s stock, valued at $2,252,253.33. This represents a 20.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,300 shares of company stock worth $8,064,152 over the last quarter. 1.70% of the stock is owned by corporate insiders.

About Packaging Co. of America

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.