Doyle Wealth Management increased its holdings in shares of Packaging Co. of America (NYSE:PKG – Get Rating) by 1.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 117,205 shares of the industrial products company’s stock after purchasing an additional 1,967 shares during the quarter. Doyle Wealth Management owned 0.12% of Packaging Co. of America worth $15,957,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB grew its stake in shares of Packaging Co. of America by 45,608.2% in the fourth quarter. Nordea Investment Management AB now owns 2,093,434 shares of the industrial products company’s stock valued at $281,588,000 after buying an additional 2,088,854 shares in the last quarter. FIL Ltd bought a new stake in shares of Packaging Co. of America during the 3rd quarter worth approximately $165,196,000. Bank of America Corp DE lifted its stake in Packaging Co. of America by 15.3% in the 4th quarter. Bank of America Corp DE now owns 3,870,019 shares of the industrial products company’s stock valued at $526,904,000 after purchasing an additional 514,803 shares during the last quarter. American Century Companies Inc. lifted its stake in Packaging Co. of America by 28.5% in the 4th quarter. American Century Companies Inc. now owns 2,117,210 shares of the industrial products company’s stock valued at $288,258,000 after purchasing an additional 469,501 shares during the last quarter. Finally, Capital World Investors raised its position in shares of Packaging Co. of America by 5.2% in the 3rd quarter. Capital World Investors now owns 4,946,463 shares of the industrial products company’s stock worth $679,842,000 after acquiring an additional 242,764 shares in the last quarter. 91.01% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Charles J. Carter sold 7,347 shares of the stock in a transaction that occurred on Wednesday, April 27th. The stock was sold at an average price of $163.00, for a total value of $1,197,561.00. Following the completion of the transaction, the executive vice president now directly owns 23,996 shares of the company’s stock, valued at approximately $3,911,348. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.60% of the company’s stock.
Packaging Co. of America (NYSE:PKG – Get Rating) last released its quarterly earnings data on Monday, April 25th. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.19. Packaging Co. of America had a return on equity of 27.11% and a net margin of 11.50%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same period last year, the business posted $1.77 EPS. Packaging Co. of America’s quarterly revenue was up 18.2% on a year-over-year basis. Equities analysts forecast that Packaging Co. of America will post 11.66 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, April 15th. Shareholders of record on Tuesday, March 15th were given a $1.00 dividend. The ex-dividend date was Monday, March 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.52%. Packaging Co. of America’s payout ratio is 40.90%.
A number of equities analysts have recently commented on PKG shares. StockNews.com began coverage on Packaging Co. of America in a report on Thursday, March 31st. They issued a “buy” rating for the company. UBS Group raised Packaging Co. of America from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $127.00 to $154.00 in a research note on Thursday, February 17th. Zacks Investment Research upgraded Packaging Co. of America from a “hold” rating to a “strong-buy” rating and set a $172.00 target price on the stock in a research report on Wednesday, February 2nd. Truist Financial raised their price objective on Packaging Co. of America from $170.00 to $182.00 in a research report on Wednesday, April 27th. Finally, Wells Fargo & Company lifted their target price on Packaging Co. of America from $154.00 to $162.00 in a research note on Thursday, April 28th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $165.86.
About Packaging Co. of America (Get Rating)
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. 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.
- Get a free copy of the StockNews.com research report on Packaging Co. of America (PKG)
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