Zurcher Kantonalbank Zurich Cantonalbank Acquires 3,294 Shares of Packaging Co. of America (NYSE:PKG)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Packaging Co. of America (NYSE:PKG) by 12.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,901 shares of the industrial products company’s stock after buying an additional 3,294 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Packaging Co. of America were worth $5,459,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PKG. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Packaging Co. of America by 2.8% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,160 shares of the industrial products company’s stock worth $410,000 after purchasing an additional 59 shares during the last quarter. Mather Group LLC. lifted its holdings in Packaging Co. of America by 3.0% during the 4th quarter. Mather Group LLC. now owns 2,263 shares of the industrial products company’s stock worth $369,000 after buying an additional 66 shares during the period. First Horizon Advisors Inc. lifted its holdings in Packaging Co. of America by 60.5% during the 4th 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. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in Packaging Co. of America by 2.4% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,193 shares of the industrial products company’s stock worth $520,000 after buying an additional 75 shares during the period. Finally, Savant Capital LLC lifted its stake in shares of Packaging Co. of America by 2.7% in the 4th quarter. Savant Capital LLC now owns 3,098 shares of the industrial products company’s stock valued at $505,000 after purchasing an additional 81 shares during the period. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PKG shares. Truist Financial boosted their price objective on Packaging Co. of America from $215.00 to $219.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company upped their price objective on Packaging Co. of America from $194.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Bank of America upped their price objective on 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. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Citigroup upped their price objective on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $190.50.

Insiders Place Their Bets

In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America 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 owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America 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 owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction 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 transaction, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Packaging Co. of America Price Performance

PKG remained flat at $206.65 on Friday. 163,408 shares of the company’s stock traded hands, compared to its average volume of 611,993. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. Packaging Co. of America has a twelve month low of $143.82 and a twelve month high of $208.90. The business has a 50-day simple moving average of $191.90 and a two-hundred day simple moving average of $184.72. The firm has a market cap of $18.56 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 5.08 and a beta of 0.77.

Packaging Co. of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.20 EPS for the quarter, topping the consensus estimate 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 business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the business posted $2.31 earnings per share. Packaging Co. of America’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts expect that Packaging Co. of America will post 8.71 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th will be issued a $1.25 dividend. The ex-dividend date is Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.42%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 62.50%.

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.