Packaging Co. of America (NYSE:PKG) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in Packaging Co. of America (NYSE:PKG - Free Report) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,949,182 shares of the industrial products company's stock after selling 144,466 shares during the period. Packaging Co. of America accounts for 0.5% of Victory Capital Management Inc.'s holdings, making the stock its 17th biggest holding. Victory Capital Management Inc. owned 3.29% of Packaging Co. of America worth $480,451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Louisiana State Employees Retirement System purchased a new position in shares of Packaging Co. of America in the fourth quarter worth $880,000. International Assets Investment Management LLC boosted its holdings in shares of Packaging Co. of America by 19,323.7% during the 4th quarter. International Assets Investment Management LLC now owns 30,301 shares of the industrial products company's stock valued at $4,936,000 after purchasing an additional 30,145 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Packaging Co. of America during the fourth quarter valued at about $16,338,000. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Packaging Co. of America by 60.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,020 shares of the industrial products company's stock worth $771,000 after purchasing an additional 1,890 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Packaging Co. of America by 90.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,431 shares of the industrial products company's stock worth $2,188,000 after buying an additional 6,368 shares in the last quarter. 89.78% of the stock is currently owned by institutional investors.

Packaging Co. of America Trading Up 0.7 %

Shares of PKG stock traded up $1.20 during trading hours on Wednesday, reaching $174.18. 570,611 shares of the stock were exchanged, compared to its average volume of 695,799. The company has a current ratio of 2.57, a quick ratio of 1.77 and a debt-to-equity ratio of 0.62. Packaging Co. of America has a 12-month low of $122.20 and a 12-month high of $191.27. The firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 4.31 and a beta of 0.78. The company's 50-day moving average price is $182.17 and its 200-day moving average price is $168.74.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.09. Packaging Co. of America had a return on equity of 18.94% and a net margin of 9.25%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the previous year, the business earned $2.20 earnings per share. The company's revenue for the quarter was up .2% compared to the same quarter last year. As a group, equities analysts anticipate that Packaging Co. of America will post 8.21 earnings per share for the current year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were paid a $1.25 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $5.00 dividend on an annualized basis and a yield of 2.87%. Packaging Co. of America's payout ratio is 62.50%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PKG shares. Citigroup cut their price target on Packaging Co. of America from $183.00 to $181.00 and set a "neutral" rating for the company in a report on Thursday, April 25th. Wells Fargo & Company upgraded shares of Packaging Co. of America from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $187.00 to $191.00 in a research report on Wednesday, April 24th. Bank of America upgraded shares of Packaging Co. of America from a "neutral" rating to a "buy" rating and increased their price objective for the company from $172.00 to $202.00 in a research report on Monday, March 4th. Truist Financial upped their target price on shares of Packaging Co. of America from $170.00 to $187.00 and gave the company a "buy" rating in a research report on Thursday, January 4th. Finally, BNP Paribas lowered Packaging Co. of America from an "outperform" rating to a "neutral" rating and set a $182.00 price target for the company. in a research report on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $173.57.

Insider Transactions at Packaging Co. of America

In related news, CFO Robert P. Mundy sold 10,000 shares of the firm's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total value of $1,825,100.00. Following the transaction, the chief financial officer now owns 46,454 shares of the company's stock, valued at approximately $8,478,319.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Robert P. Mundy sold 10,000 shares of Packaging Co. of America stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the completion of the sale, the chief financial officer now owns 46,454 shares of the company's stock, valued at $8,478,319.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas A. Hassfurther sold 13,850 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $181.06, for a total value of $2,507,681.00. Following the completion of the transaction, the vice president now directly owns 187,647 shares in the company, valued at approximately $33,975,365.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,041 shares of company stock worth $6,799,177. 1.70% of the stock is currently owned by 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.