Private Advisor Group LLC Takes Position in Packaging Co. of America (NYSE:PKG)

Posted by Defense World Staff on Aug 30th, 2023

Private Advisor Group LLC acquired a new position in Packaging Co. of America (NYSE:PKG – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,761 shares of the industrial products company’s stock, valued at approximately $939,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Moran Wealth Management LLC increased its holdings in Packaging Co. of America by 138.6% in the first quarter. Moran Wealth Management LLC now owns 28,212 shares of the industrial products company’s stock worth $3,917,000 after buying an additional 16,387 shares during the last quarter. Burney Co. grew its holdings in Packaging Co. of America by 63.6% during the first quarter. Burney Co. now owns 20,048 shares of the industrial products company’s stock valued at $2,783,000 after purchasing an additional 7,791 shares during the last quarter. Resources Investment Advisors LLC. grew its holdings in Packaging Co. of America by 27.9% during the first quarter. Resources Investment Advisors LLC. now owns 3,255 shares of the industrial products company’s stock valued at $452,000 after purchasing an additional 710 shares during the last quarter. Weiss Asset Management LP acquired a new position in Packaging Co. of America during the first quarter valued at approximately $2,530,000. Finally, Mendel Money Management grew its holdings in Packaging Co. of America by 3.2% during the first quarter. Mendel Money Management now owns 3,956 shares of the industrial products company’s stock valued at $549,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 90.53% of the company’s stock.

Insiders Place Their Bets

In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 27,027 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $148.80, for a total transaction of $4,021,617.60. Following the completion of the transaction, the vice president now directly owns 198,121 shares in the company, valued at $29,480,404.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Packaging Co. of America news, EVP Charles J. Carter sold 9,263 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $149.64, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas A. Hassfurther sold 27,027 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $148.80, for a total value of $4,021,617.60. Following the completion of the sale, the vice president now owns 198,121 shares of the company’s stock, valued at $29,480,404.80. The disclosure for this sale can be found here. Insiders sold 59,783 shares of company stock worth $9,023,216 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on PKG. Truist Financial increased their price target on Packaging Co. of America from $140.00 to $156.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Citigroup increased their price objective on Packaging Co. of America from $128.00 to $148.00 in a research report on Thursday, July 27th. Bank of America reduced their price objective on Packaging Co. of America from $145.00 to $138.00 in a research report on Monday, July 10th. UBS Group reduced their price objective on Packaging Co. of America from $137.00 to $132.00 in a research report on Friday, June 30th. Finally, Wells Fargo & Company increased their price objective on Packaging Co. of America from $122.00 to $137.00 in a research report on Thursday, July 27th. Two equities 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 company. Based on data from MarketBeat, Packaging Co. of America presently has an average rating of “Hold” and a consensus price target of $131.50.

Get Our Latest Research Report on Packaging Co. of America

Packaging Co. of America Stock Up 0.8 %

Shares of PKG stock opened at $149.06 on Wednesday. The stock has a market cap of $13.40 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 3.63 and a beta of 0.90. Packaging Co. of America has a one year low of $110.56 and a one year high of $158.66. The stock has a fifty day moving average price of $141.85 and a 200 day moving average price of $137.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.35 and a quick ratio of 2.10.

Packaging Co. of America (NYSE:PKG – Get Free Report) last issued its earnings results 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. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Packaging Co. of America had a return on equity of 23.30% and a net margin of 10.79%. Packaging Co. of America’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period last year, the business earned $3.23 earnings per share. Analysts predict that Packaging Co. of America will post 8.15 earnings per share for the current year.

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.