Packaging Corporation of America $PKG Shares Bought by Conning Inc.

Key Points

• Conning Inc. increased its Packaging Corporation of America stake by 4.1% during the third quarter, bringing its holdings to 167,800 shares valued at approximately $38.5 million. Institutional investors collectively own 89.78% of PKG.
• Analysts maintain a generally positive view, with PKG carrying a consensus “Moderate Buy” rating and an average price target of $275.43, despite some firms lowering their targets.
• Packaging Corporation of America exceeded quarterly earnings expectations with $3.04 EPS versus a $2.93 estimate, while revenue rose 12.5% year over year to $2.60 billion. The company also pays a $1.50 quarterly dividend, equivalent to a 2.4% annualized yield.

Conning Inc. raised its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,800 shares of the industrial products company's stock after acquiring an additional 6,613 shares during the period. Packaging Corporation of America makes up about 1.2% of Conning Inc.'s portfolio, making the stock its 24th biggest position. Conning Inc. owned about 0.19% of Packaging Corporation of America worth $38,470,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Packaging Corporation of America during the second quarter worth $1,837,506,000. Bank of New York Mellon Corp acquired a new position in shares of Packaging Corporation of America in the second quarter worth about $748,095,000. Royal Bank of Canada boosted its position in Packaging Corporation of America by 25.2% during the first quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company's stock worth $492,990,000 after purchasing an additional 467,590 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Packaging Corporation of America during the 2nd quarter valued at approximately $379,568,000. Finally, Atlas FRM LLC purchased a new position in Packaging Corporation of America during the second quarter valued at $365,164,100. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Packaging Corporation of America news, VP Donald Shirley sold 12,000 shares of Packaging Corporation of America stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $250.71, for a total value of $3,008,520.00. Following the sale, the vice president owned 19,110 shares in the company, valued at $4,791,068.10. The trade was a 38.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Thomas Hassfurther sold 7,063 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $254.00, for a total value of $1,794,002.00. Following the completion of the transaction, the president directly owned 202,891 shares in the company, valued at approximately $51,534,314. This trade represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 40,391 shares of company stock worth $10,196,101 in the last 90 days. Company insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PKG. Weiss Ratings upgraded Packaging Corporation of America from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday. Bank of America cut their price objective on shares of Packaging Corporation of America from $280.00 to $260.00 and set a "buy" rating for the company in a report on Friday, September 11th. Truist Financial reiterated a "buy" rating and set a $294.00 price objective (up from $280.00) on shares of Packaging Corporation of America in a research report on Friday, October 23rd. Wells Fargo & Company cut their target price on Packaging Corporation of America from $246.00 to $245.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 7th. Finally, UBS Group reduced their price target 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. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Packaging Corporation of America currently has a consensus rating of "Moderate Buy" and an average price target of $275.43.

Packaging Corporation of America Stock Performance

Packaging Corporation of America stock opened at $248.74 on Thursday. The firm has a 50 day simple moving average of $237.29 and a 200-day simple moving average of $229.09. Packaging Corporation of America has a 1-year low of $191.50 and a 1-year high of $259.98. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.94 and a quick ratio of 1.86. The stock has a market cap of $22.16 billion, a price-to-earnings ratio of 30.63, a price-to-earnings-growth ratio of 1.98 and a beta of 0.75.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.93 by $0.11. Packaging Corporation of America had a net margin of 7.40% and a return on equity of 19.63%. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the firm earned $2.73 EPS. The business's revenue was up 12.5% compared to the same quarter last year. On average, analysts expect 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. Shareholders of record on Tuesday, September 15th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $6.00 annualized dividend and a yield of 2.4%. Packaging Corporation of America's dividend payout ratio (DPR) is 73.89%.

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.

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