CIBC Asset Management Inc Has $3.28 Million Stock Position in Packaging Co. of America (NYSE:PKG)

CIBC Asset Management Inc boosted its stake in shares of Packaging Co. of America (NYSE:PKG) by 3.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 15,239 shares of the industrial products company’s stock after purchasing an additional 534 shares during the quarter. CIBC Asset Management Inc’s holdings in Packaging Co. of America were worth $3,282,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PKG. Asset Dedication LLC raised its holdings in shares of 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 valued at $31,000 after acquiring an additional 112 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Packaging Co. of America during the 3rd quarter valued at $32,000. Tortoise Investment Management LLC purchased a new stake in shares of Packaging Co. of America in the second quarter valued at $33,000. Strategic Financial Concepts LLC acquired a new stake in shares of Packaging Co. of America in the second quarter worth $50,000. Finally, Assetmark Inc. grew its holdings in shares of Packaging Co. of America by 44.6% during the third quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock valued at $58,000 after buying an additional 83 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Donald R. Shirley sold 8,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were 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 of the company’s stock, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.62, for a total transaction of $3,007,750.00. Following the transaction, the chief financial officer now owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

Packaging Co. of America Stock Performance

Shares of PKG opened at $238.11 on Tuesday. The firm has a market cap of $21.38 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 3.31 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. The company’s fifty day moving average is $221.90 and its 200-day moving average is $200.74. Packaging Co. of America has a 12 month low of $148.50 and a 12 month high of $245.00.

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

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s dividend payout ratio is currently 58.28%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PKG. StockNews.com upgraded Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Wells Fargo & Company boosted their price objective on shares of 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. Citigroup upped their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Truist Financial reissued a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Packaging Co. of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.60.

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.