Oppenheimer & Co. Inc. lowered its stake in Packaging Corp Of America (NYSE:PKG) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,271 shares of the industrial products company’s stock after selling 155 shares during the period. Oppenheimer & Co. Inc.’s holdings in Packaging Corp Of America were worth $408,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of PKG. Parallel Advisors LLC lifted its stake in Packaging Corp Of America by 774.2% in the 2nd quarter. Parallel Advisors LLC now owns 271 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 240 shares during the last quarter. Citizens Financial Group Inc RI purchased a new stake in Packaging Corp Of America in the 1st quarter valued at $32,000. Steward Partners Investment Advisory LLC purchased a new stake in Packaging Corp Of America in the 2nd quarter valued at $35,000. Motco lifted its stake in Packaging Corp Of America by 126.3% during the 2nd quarter. Motco now owns 405 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 226 shares in the last quarter. Finally, Zions Bancorporation N.A. bought a new position in Packaging Corp Of America during the 1st quarter valued at $66,000. 88.27% of the stock is owned by institutional investors and hedge funds.
NYSE:PKG traded up $3.07 during trading hours on Wednesday, hitting $107.27. The stock had a trading volume of 35,687 shares, compared to its average volume of 671,488. Packaging Corp Of America has a one year low of $77.90 and a one year high of $118.88. The company has a 50 day simple moving average of $100.68 and a two-hundred day simple moving average of $98.05. The company has a debt-to-equity ratio of 0.92, a current ratio of 3.29 and a quick ratio of 2.18. The firm has a market capitalization of $9.52 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 2.61 and a beta of 1.71.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Thursday, September 12th. Packaging Corp Of America’s payout ratio is 39.35%.
In related news, SVP Thomas W.H. Walton sold 6,000 shares of Packaging Corp Of America stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $100.17, for a total transaction of $601,020.00. Following the sale, the senior vice president now directly owns 34,118 shares in the company, valued at $3,417,600.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Donald R. Shirley sold 5,000 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $101.48, for a total value of $507,400.00. Following the transaction, the senior vice president now directly owns 12,790 shares of the company’s stock, valued at approximately $1,297,929.20. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
Several analysts have recently issued reports on the stock. Seaport Global Securities lowered shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating and set a $98.02 target price for the company. in a research note on Friday, July 12th. They noted that the move was a valuation call. UBS Group set a $106.00 price objective on shares of Packaging Corp Of America and gave the company a “buy” rating in a research note on Monday, June 24th. ValuEngine raised shares of Packaging Corp Of America from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th. Finally, KeyCorp cut shares of Packaging Corp Of America from a “sector weight” rating to an “underweight” rating and set a $89.00 target price on the stock. in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $100.09.
Packaging Corp Of America Profile
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various 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.
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