Texas Permanent School Fund Corp Has $2.68 Million Stock Holdings in Packaging Co. of America (NYSE:PKG)

Posted by Defense World Staff on Jul 28th, 2023

Texas Permanent School Fund Corp boosted its holdings in Packaging Co. of America (NYSE:PKG – Free Report) by 46.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,292 shares of the industrial products company’s stock after purchasing an additional 6,145 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Packaging Co. of America were worth $2,678,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Packaging Co. of America by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 12,047,771 shares of the industrial products company’s stock valued at $1,880,777,000 after acquiring an additional 161,559 shares in the last quarter. JPMorgan Chase & Co. increased its position in Packaging Co. of America by 1.2% in the 4th quarter. JPMorgan Chase & Co. now owns 3,636,189 shares of the industrial products company’s stock valued at $465,106,000 after buying an additional 43,430 shares in the last quarter. Victory Capital Management Inc. raised its stake in Packaging Co. of America by 4.0% during the 4th quarter. Victory Capital Management Inc. now owns 3,261,223 shares of the industrial products company’s stock worth $417,143,000 after buying an additional 125,498 shares during the period. Geode Capital Management LLC boosted its holdings in Packaging Co. of America by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 2,010,961 shares of the industrial products company’s stock worth $256,780,000 after acquiring an additional 48,337 shares in the last quarter. Finally, Morgan Stanley grew its stake in Packaging Co. of America by 51.8% in the fourth quarter. Morgan Stanley now owns 1,790,073 shares of the industrial products company’s stock valued at $228,969,000 after acquiring an additional 610,606 shares during the period. 90.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PKG shares. Wells Fargo & Company upped their target price on Packaging Co. of America from $122.00 to $137.00 in a research report on Thursday. Citigroup raised their price objective on shares of Packaging Co. of America from $128.00 to $148.00 in a research note on Thursday. Truist Financial boosted their target price on shares of Packaging Co. of America from $140.00 to $156.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group dropped their price target on shares of Packaging Co. of America from $137.00 to $132.00 in a research report on Friday, June 30th. Finally, 22nd Century Group reissued a “maintains” rating on shares of Packaging Co. of America in a report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Packaging Co. of America currently has an average rating of “Hold” and an average target price of $131.50.

Insider Buying and Selling

In other news, EVP Charles J. Carter sold 9,263 shares of Packaging Co. of America stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $149.64, for a total value of $1,386,115.32. Following the completion of the transaction, the executive vice president now owns 25,922 shares in the company, valued at $3,878,968.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Charles J. Carter sold 9,263 shares of Packaging Co. of America stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $149.64, for a total value of $1,386,115.32. Following the completion of the transaction, the executive vice president now directly owns 25,922 shares in the company, valued at $3,878,968.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Thomas A. Hassfurther sold 27,027 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.80, for a total value of $4,021,617.60. Following the completion of the transaction, the vice president now owns 198,121 shares of the company’s stock, valued at approximately $29,480,404.80. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Packaging Co. of America Stock Up 1.2 %

Shares of NYSE:PKG opened at $152.43 on Friday. The company has a market capitalization of $13.71 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 3.86 and a beta of 0.88. Packaging Co. of America has a 1 year low of $110.56 and a 1 year high of $155.40. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.12 and a quick ratio of 1.91. The business has a fifty day moving average price of $130.95 and a two-hundred day moving average price of $134.78.

Packaging Co. of America (NYSE:PKG – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.93 by $0.38. Packaging Co. of America had a net margin of 10.79% and a return on equity of 23.37%. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the firm posted $3.23 earnings per share. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. Analysts forecast that Packaging Co. of America will post 7.8 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were given a dividend of $1.25 per share. The ex-dividend date was Wednesday, June 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.28%. Packaging Co. of America’s dividend payout ratio is presently 52.85%.

Packaging Co. of America Company Profile

(Free Report)

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. 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.