Creative Planning Has $1.89 Million Stock Holdings in Packaging Co. of America (NYSE:PKG)

Posted by Defense World Staff on Oct 12th, 2023

Creative Planning decreased its holdings in shares of Packaging Co. of America (NYSE:PKG – Free Report) by 17.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,320 shares of the industrial products company’s stock after selling 3,050 shares during the period. Creative Planning’s holdings in Packaging Co. of America were worth $1,893,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Clear Street Markets LLC raised its holdings in Packaging Co. of America by 94.6% during the first quarter. Clear Street Markets LLC now owns 181 shares of the industrial products company’s stock worth $25,000 after buying an additional 88 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in Packaging Co. of America during the fourth quarter worth $28,000. WealthPLAN Partners LLC acquired a new position in Packaging Co. of America during the first quarter worth $30,000. Fiduciary Alliance LLC acquired a new position in Packaging Co. of America during the second quarter worth $31,000. Finally, Hall Laurie J Trustee acquired a new position in Packaging Co. of America during the second quarter worth $32,000. Institutional investors and hedge funds own 90.53% of the company’s stock.

Wall Street Analyst Weigh In

PKG has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Packaging Co. of America from $122.00 to $137.00 in a research note on Thursday, July 27th. Citigroup upped their target price on shares of Packaging Co. of America from $128.00 to $148.00 in a research note on Thursday, July 27th. Bank of America reduced their target price on shares of Packaging Co. of America from $145.00 to $138.00 in a research note on Monday, July 10th. Truist Financial upped their target price on shares of Packaging Co. of America from $156.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, September 21st. Finally, Jefferies Financial Group upgraded shares of Packaging Co. of America from an “underperform” rating to a “hold” rating and increased their price target for the company from $105.00 to $142.00 in a research report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $137.00.

View Our Latest Stock Report on Packaging Co. of America

Packaging Co. of America Price Performance

NYSE PKG opened at $154.31 on Thursday. The company has a market cap of $13.88 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 3.77 and a beta of 0.89. Packaging Co. of America has a 52 week low of $110.56 and a 52 week high of $158.66. The company has a quick ratio of 2.10, a current ratio of 3.35 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $149.81 and its two-hundred day simple moving average is $140.32.

Packaging Co. of America (NYSE:PKG – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $2.31 EPS for the quarter, beating 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 23.30%. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the firm earned $3.23 earnings per share. The company’s revenue was down 12.7% compared to the same quarter last year. Research analysts predict that Packaging Co. of America will post 8.16 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Monday, September 25th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Friday, September 22nd. Packaging Co. of America’s payout ratio is 52.85%.

Insider Transactions at Packaging Co. of America

In other news, SVP Bruce A. Ridley sold 3,493 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $155.22, for a total value of $542,183.46. Following the sale, the senior vice president now directly owns 14,034 shares of the company’s stock, valued at $2,178,357.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Bruce A. Ridley sold 3,493 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $155.22, for a total value of $542,183.46. Following the sale, the senior vice president now directly owns 14,034 shares of the company’s stock, valued at $2,178,357.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Thomas A. Hassfurther sold 27,027 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 198,121 shares in the company, valued at $29,480,404.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,783 shares of company stock valued at $9,023,216. 1.80% of the stock is currently owned by corporate insiders.

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.