UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Holdings in Packaging Co. of America (NYSE:PKG)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its position in shares of Packaging Co. of America (NYSE:PKG) by 24.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 443,970 shares of the industrial products company’s stock after selling 142,569 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.49% of Packaging Co. of America worth $95,631,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Dedication LLC grew its holdings in shares of Packaging Co. of America by 200.0% during the 2nd quarter. Asset Dedication LLC now owns 168 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 112 shares during the period. Central Pacific Bank Trust Division acquired a new position in Packaging Co. of America during the third quarter valued at approximately $32,000. Tortoise Investment Management LLC purchased a new stake in Packaging Co. of America during the second quarter worth approximately $33,000. Larson Financial Group LLC increased its position in shares of Packaging Co. of America by 234.7% in the third quarter. Larson Financial Group LLC now owns 164 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 115 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Packaging Co. of America in the 2nd quarter valued at $50,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Co. of America Trading Up 0.7 %

Shares of PKG opened at $248.85 on Monday. Packaging Co. of America has a one year low of $159.57 and a one year high of $250.82. The stock has a 50-day moving average price of $228.21 and a 200 day moving average price of $204.79. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.98 and a current ratio of 2.95. The company has a market capitalization of $22.35 billion, a P/E ratio of 29.00, a P/E/G ratio of 3.49 and a beta of 0.76.

Packaging Co. of America (NYSE:PKG) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.50 by $0.15. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The business’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 EPS. Sell-side analysts forecast that Packaging Co. of America will post 9.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul T. Stecko sold 10,500 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $244.91, for a total value of $2,571,555.00. Following the completion of the sale, the director now directly owns 8,881 shares in the company, valued at approximately $2,175,045.71. The trade was a 54.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.62, for a total value of $3,007,750.00. Following the sale, the chief financial officer now directly owns 43,954 shares in the company, valued at approximately $10,576,211.48. This represents a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,000 shares of company stock valued at $7,500,905 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

PKG has been the subject of a number of research reports. Truist Financial reaffirmed a “buy” rating and set a $252.00 price target (up from $242.00) on shares of Packaging Co. of America in a research report on Thursday, October 24th. Wells Fargo & Company upped their target price on Packaging Co. of America from $235.00 to $253.00 and gave the stock an “overweight” rating in a research 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 report on Wednesday, October 2nd. Finally, StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.