Trustmark National Bank Trust Department Purchases New Position in Packaging Co. of America (NYSE:PKG)

Trustmark National Bank Trust Department bought a new position in shares of Packaging Co. of America (NYSE:PKG) during the third quarter, Holdings Channel reports. The fund bought 1,288 shares of the industrial products company’s stock, valued at approximately $277,000.

A number of other institutional investors also recently modified their holdings of PKG. Asset Dedication LLC raised its holdings in Packaging Co. of America by 200.0% during the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after buying an additional 112 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Packaging Co. of America in the third quarter worth approximately $32,000. Tortoise Investment Management LLC bought a new stake in Packaging Co. of America in the second quarter valued at $33,000. Strategic Financial Concepts LLC purchased a new position in shares of Packaging Co. of America in the 2nd quarter worth about $50,000. Finally, Assetmark Inc. raised its position in shares of 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 purchasing an additional 83 shares during the last quarter. 89.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PKG has been the topic of several recent research reports. StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Wednesday. Citigroup raised their price target on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Truist Financial restated a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, Wells Fargo & Company lifted their target price on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Packaging Co. of America has an average rating of “Hold” and a consensus price target of $221.60.

Packaging Co. of America Stock Performance

Shares of Packaging Co. of America stock opened at $245.30 on Friday. Packaging Co. of America has a 52 week low of $152.99 and a 52 week high of $248.62. The business’s fifty day simple moving average is $224.10 and its 200-day simple moving average is $201.79. The firm has a market cap of $22.03 billion, a PE ratio of 28.59, a price-to-earnings-growth ratio of 3.35 and a beta of 0.76. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the prior year, the company earned $2.05 EPS. Packaging Co. of America’s revenue was up 14.9% on a year-over-year basis. Equities analysts forecast that Packaging Co. of America will post 9.07 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s payout ratio is 58.28%.

Insider Buying and Selling

In related news, SVP Donald R. Shirley sold 8,000 shares of the firm’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 in the company, valued at $3,777,145. This trade represents a 33.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert P. Mundy sold 12,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 43,954 shares in the company, valued at $10,576,211.48. This represents a 22.14 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.

Packaging Co. of America 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.