Packaging Co. of America (NYSE:PKG) Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel lessened its holdings in Packaging Co. of America (NYSE:PKG) by 7.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,480 shares of the industrial products company’s stock after selling 710 shares during the quarter. Carnegie Investment Counsel’s holdings in Packaging Co. of America were worth $1,731,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Register Financial Advisors LLC bought a new position in Packaging Co. of America in the first quarter worth about $25,000. Neo Ivy Capital Management bought a new stake in shares of Packaging Co. of America during the fourth quarter valued at approximately $28,000. First Horizon Advisors Inc. boosted its position in shares of Packaging Co. of America by 60.5% during the fourth quarter. First Horizon Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $30,000 after buying an additional 69 shares during the period. Gables Capital Management Inc. bought a new position in Packaging Co. of America in the 4th quarter worth approximately $31,000. Finally, Headlands Technologies LLC acquired a new stake in Packaging Co. of America in the 1st quarter valued at approximately $43,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

PKG has been the topic of several research analyst reports. Bank of America raised their target price on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Wells Fargo & Company boosted their price target on shares of Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Truist Financial boosted their target price on shares of Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Citigroup increased their price target on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Finally, StockNews.com raised shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $190.50.

Packaging Co. of America Stock Down 0.1 %

NYSE PKG traded down $0.27 on Tuesday, reaching $196.74. The stock had a trading volume of 459,450 shares, compared to its average volume of 623,341. Packaging Co. of America has a 1 year low of $143.82 and a 1 year high of $201.99. The business has a 50 day moving average price of $188.99 and a 200 day moving average price of $182.83. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $17.67 billion, a price-to-earnings ratio of 24.62, a P/E/G ratio of 5.03 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.06. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the company earned $2.31 earnings per share. The company’s revenue was up 6.3% compared to the same quarter last year. On average, analysts forecast that Packaging Co. of America will post 8.71 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Charles J. Carter sold 5,389 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the transaction, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Donald R. Shirley sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the transaction, the senior vice president now directly owns 20,772 shares in the company, valued at $4,077,128.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Charles J. Carter sold 5,389 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,057,752.92. Following the completion of the sale, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at $5,012,794.92. The disclosure for this sale can be found here. 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.