Packaging Co. of America (NYSE:PKG) Shares Sold by Summit Financial Strategies Inc.

Summit Financial Strategies Inc. decreased its stake in shares of Packaging Co. of America (NYSE:PKG) by 8.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 214,757 shares of the industrial products company’s stock after selling 19,738 shares during the quarter. Packaging Co. of America comprises 5.3% of Summit Financial Strategies Inc.’s holdings, making the stock its 8th biggest position. Summit Financial Strategies Inc.’s holdings in Packaging Co. of America were worth $48,348,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sanctuary Advisors LLC lifted its position in Packaging Co. of America by 17.0% during the third quarter. Sanctuary Advisors LLC now owns 20,270 shares of the industrial products company’s stock valued at $4,366,000 after purchasing an additional 2,946 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Packaging Co. of America by 8.4% in the 3rd quarter. Principal Financial Group Inc. now owns 460,518 shares of the industrial products company’s stock valued at $99,194,000 after buying an additional 35,614 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Packaging Co. of America by 227.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 32,243 shares of the industrial products company’s stock worth $6,945,000 after buying an additional 22,397 shares during the last quarter. Citigroup Inc. raised its position in Packaging Co. of America by 30.7% during the third quarter. Citigroup Inc. now owns 115,005 shares of the industrial products company’s stock valued at $24,772,000 after acquiring an additional 27,018 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Packaging Co. of America by 24.2% in the fourth quarter. GAMMA Investing LLC now owns 2,431 shares of the industrial products company’s stock valued at $547,000 after acquiring an additional 473 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Insider Buying and Selling at Packaging Co. of America

In other news, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 43,954 shares in the company, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of the business’s 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 transaction, the senior vice president now owns 15,725 shares of the company’s stock, valued at $3,777,145. This trade represents a 33.72 % 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 three months. Insiders own 1.60% of the company’s stock.

Packaging Co. of America Trading Up 0.4 %

PKG opened at $240.08 on Monday. The business’s 50 day moving average price is $235.85 and its 200 day moving average price is $219.31. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The stock has a market capitalization of $21.56 billion, a PE ratio of 27.98, a P/E/G ratio of 2.36 and a beta of 0.79. Packaging Co. of America has a one year low of $159.57 and a one year high of $250.82.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Friday, December 20th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 58.28%.

Wall Street Analyst Weigh In

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

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.