Commerce Bank Has $11.73 Million Stock Position in Packaging Co. of America (NYSE:PKG)

Commerce Bank cut its stake in Packaging Co. of America (NYSE:PKG) by 1.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 54,455 shares of the industrial products company’s stock after selling 672 shares during the quarter. Commerce Bank’s holdings in Packaging Co. of America were worth $11,730,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Asset Dedication LLC grew its position in Packaging Co. of America by 200.0% in the second quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 112 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of Packaging Co. of America in the 3rd quarter worth about $32,000. Tortoise Investment Management LLC bought a new stake in shares of Packaging Co. of America in the 2nd quarter worth about $33,000. Strategic Financial Concepts LLC acquired a new stake in shares of Packaging Co. of America during the 2nd quarter worth about $50,000. Finally, Assetmark Inc. lifted its holdings in Packaging Co. of America by 44.6% during the 3rd quarter. Assetmark Inc. now owns 269 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 83 shares during the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Price Performance

Shares of PKG stock opened at $244.12 on Thursday. The firm’s 50 day moving average price is $223.36 and its two-hundred day moving average price is $201.48. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. Packaging Co. of America has a 52-week low of $151.74 and a 52-week high of $248.62. The stock has a market cap of $21.92 billion, a PE ratio of 28.45, a PEG ratio of 3.35 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. As a group, analysts forecast that Packaging Co. of America will post 9.07 EPS for the current year.

Packaging Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.05%. The ex-dividend date was Monday, September 16th. Packaging Co. of America’s payout ratio is 58.28%.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, CFO Robert P. Mundy sold 12,500 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.62, for a total value of $3,007,750.00. Following the completion of the transaction, the chief financial officer now directly owns 43,954 shares of the company’s stock, valued at approximately $10,576,211.48. The trade was a 22.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value of $1,921,600.00. Following the transaction, the senior vice president now owns 15,725 shares in the company, valued at $3,777,145. This trade represents a 33.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PKG shares. Wells Fargo & Company raised their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Citigroup raised their target price on Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Truist Financial reiterated a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Finally, StockNews.com cut shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $221.60.

Packaging Co. of America Company Profile

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