Bank of Montreal Can Grows Stock Holdings in Packaging Co. of America (NYSE:PKG)

Bank of Montreal Can grew its stake in Packaging Co. of America (NYSE:PKG) by 19.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,641 shares of the industrial products company’s stock after acquiring an additional 16,219 shares during the period. Bank of Montreal Can owned 0.11% of Packaging Co. of America worth $21,924,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Asset Dedication LLC grew its stake in Packaging Co. of America by 200.0% in the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Packaging Co. of America during the 3rd quarter worth $32,000. Tortoise Investment Management LLC bought a new position in shares of Packaging Co. of America during the 2nd quarter worth $33,000. Larson Financial Group LLC increased its stake in shares of Packaging Co. of America by 234.7% during the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock valued at $35,000 after buying an additional 115 shares during the period. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Packaging Co. of America in the second quarter valued at about $50,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PKG shares. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Truist Financial reiterated a “buy” rating and set a $252.00 price objective (up from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Citigroup boosted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, 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. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Packaging Co. of America has a consensus rating of “Hold” and a consensus target price of $221.60.

Packaging Co. of America Stock Up 0.7 %

NYSE:PKG opened at $248.66 on Friday. The company’s 50-day simple moving average is $227.50 and its 200-day simple moving average is $204.16. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a fifty-two week low of $159.57 and a fifty-two week high of $250.82. The stock has a market capitalization of $22.33 billion, a P/E ratio of 28.98, a P/E/G ratio of 3.47 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last announced its 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 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 net margin of 9.46% and a return on equity of 19.10%. Packaging Co. of America’s revenue was up 14.9% compared to the same quarter last year. During the same period last year, the firm earned $2.05 earnings per share. On average, equities analysts anticipate that Packaging Co. of America will post 9.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were 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 of the company’s stock, valued at approximately $10,576,211.48. This trade represents a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction 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 owns 15,725 shares of the company’s stock, valued at $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,000 shares of company stock worth $7,500,905 in the last ninety days. 1.60% of the stock is owned by insiders.

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.