22,223 Shares in Packaging Corporation of America $PKG Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments bought 22,223 shares of Packaging Corporation of America in the third quarter, valued at about $5.1 million. Institutional investors collectively own 89.78% of the company’s shares.
• Quarterly earnings were $3.04 per share, beating the $2.93 consensus estimate; revenue rose 12.5% year over year to $2.60 billion, slightly below expectations.
• Analysts have a “Moderate Buy” consensus and an average price target of $275.43. The company’s quarterly dividend is $1.50 per share, equivalent to a 2.4% annual yield.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Packaging Corporation of America (NYSE:PKG - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 22,223 shares of the industrial products company's stock, valued at approximately $5,095,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. John Boyer Inc. acquired a new stake in Packaging Corporation of America during the third quarter worth approximately $28,000. Fiduciary Financial Advisors purchased a new stake in shares of Packaging Corporation of America during the 2nd quarter worth approximately $36,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Packaging Corporation of America during the 2nd quarter worth approximately $41,000. Oslo Pensjonsforsikring AS acquired a new position in shares of Packaging Corporation of America in the 1st quarter valued at $41,000. Finally, Lynch Investment Planning LLC acquired a new position in shares of Packaging Corporation of America in the 3rd quarter valued at $45,000. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corporation of America Trading Down 3.8%

PKG opened at $249.34 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.94 and a debt-to-equity ratio of 0.85. Packaging Corporation of America has a 52 week low of $191.50 and a 52 week high of $262.59. The business's 50 day moving average is $238.03 and its two-hundred day moving average is $230.17. The firm has a market cap of $22.22 billion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 1.95 and a beta of 0.76.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.93 by $0.11. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.61 billion. Packaging Corporation of America had a return on equity of 19.63% and a net margin of 7.40%. The company's revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.73 earnings per share. On average, research analysts predict that Packaging Corporation of America will post 10.56 EPS for the current year.

Packaging Corporation of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 15th. Packaging Corporation of America's payout ratio is presently 73.89%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Bank of America dropped their target price on shares of Packaging Corporation of America from $280.00 to $260.00 and set a "buy" rating on the stock in a research report on Friday, September 11th. Truist Financial reissued a "buy" rating and issued a $294.00 price target (up from $280.00) on shares of Packaging Corporation of America in a research report on Friday, October 23rd. Wells Fargo & Company reduced their price target on shares of Packaging Corporation of America from $246.00 to $245.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 7th. UBS Group dropped their price objective on Packaging Corporation of America from $292.00 to $289.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Finally, JPMorgan Chase & Co. lifted their target price on Packaging Corporation of America from $320.00 to $322.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Packaging Corporation of America currently has an average rating of "Moderate Buy" and an average price target of $275.43.

Insider Buying and Selling

In related news, VP Donald Shirley sold 12,000 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $250.71, for a total value of $3,008,520.00. Following the completion of the sale, the vice president owned 19,110 shares in the company, valued at $4,791,068.10. This represents a 38.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

Packaging Corporation of America Company Profile

Packaging Corporation of America NYSE: PKG is a manufacturer of corrugated packaging and containerboard products serving businesses primarily in the United States. Its products include shipping boxes, retail packaging, displays, protective packaging and specialty corrugated solutions used to transport and present a broad range of consumer and industrial goods.

The company also produces uncoated freesheet paper and related paper products for commercial printing, office use, publishing, converting and other applications.

Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Corporation of America (NYSE:PKG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.