Envestnet Asset Management Inc. Has $22.51 Million Stock Holdings in Packaging Co. of America (NYSE:PKG)

Posted by Defense World Staff on Sep 1st, 2023

Envestnet Asset Management Inc. grew its position in Packaging Co. of America (NYSE:PKG – Free Report) by 36.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 207,140 shares of the industrial products company’s stock after purchasing an additional 55,614 shares during the period. Envestnet Asset Management Inc. owned about 0.23% of Packaging Co. of America worth $22,513,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in PKG. Norges Bank acquired a new position in Packaging Co. of America during the 4th quarter worth about $118,827,000. Morgan Stanley lifted its position in Packaging Co. of America by 51.8% during the 4th quarter. Morgan Stanley now owns 1,790,073 shares of the industrial products company’s stock worth $228,969,000 after buying an additional 610,606 shares in the last quarter. Invesco Ltd. lifted its position in Packaging Co. of America by 30.1% during the 1st quarter. Invesco Ltd. now owns 1,201,621 shares of the industrial products company’s stock worth $187,586,000 after buying an additional 278,124 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its holdings in Packaging Co. of America by 368.1% during the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 333,938 shares of the industrial products company’s stock worth $46,334,000 after purchasing an additional 262,596 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Packaging Co. of America by 79.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 594,179 shares of the industrial products company’s stock worth $92,757,000 after purchasing an additional 262,314 shares during the last quarter. Institutional investors and hedge funds own 90.53% of the company’s stock.

Insider Transactions at Packaging Co. of America

In related news, SVP Bruce A. Ridley sold 3,493 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $155.22, for a total value of $542,183.46. Following the completion of the transaction, the senior vice president now owns 14,034 shares of the company’s stock, valued at $2,178,357.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Packaging Co. of America news, SVP Donald R. Shirley sold 5,000 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $156.14, for a total transaction of $780,700.00. Following the sale, the senior vice president now directly owns 22,967 shares of the company’s stock, valued at approximately $3,586,067.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Bruce A. Ridley sold 3,493 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $155.22, for a total transaction of $542,183.46. Following the sale, the senior vice president now directly owns 14,034 shares in the company, valued at $2,178,357.48. The disclosure for this sale can be found here. Insiders have sold a total of 59,783 shares of company stock valued at $9,023,216 over the last 90 days. 1.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. StockNews.com assumed coverage on Packaging Co. of America in a report on Thursday, August 17th. They set a “hold” rating for the company. Truist Financial boosted their price objective on Packaging Co. of America from $140.00 to $156.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. Wells Fargo & Company boosted their price objective on Packaging Co. of America from $122.00 to $137.00 in a report on Thursday, July 27th. UBS Group lowered their price target on Packaging Co. of America from $137.00 to $132.00 in a research note on Friday, June 30th. Finally, Citigroup upped their price target on Packaging Co. of America from $128.00 to $148.00 in a research note on Thursday, July 27th. 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 company’s stock. According to MarketBeat, Packaging Co. of America presently has an average rating of “Hold” and a consensus target price of $131.50.

Read Our Latest Analysis on Packaging Co. of America

Packaging Co. of America Price Performance

NYSE PKG opened at $149.10 on Friday. The business has a 50 day simple moving average of $142.21 and a 200 day simple moving average of $137.33. Packaging Co. of America has a 52-week low of $110.56 and a 52-week high of $158.66. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.10 and a current ratio of 3.35. The stock has a market cap of $13.41 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 3.63 and a beta of 0.90.

Packaging Co. of America (NYSE:PKG – Get Free Report) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.38. Packaging Co. of America had a return on equity of 23.30% and a net margin of 10.79%. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the prior year, the business earned $3.23 EPS. Packaging Co. of America’s revenue for the quarter was down 12.7% compared to the same quarter last year. Analysts anticipate that Packaging Co. of America will post 8.15 earnings per share for the current fiscal year.

Packaging Co. of America 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.