Cinctive Capital Management LP Takes $1.10 Million Position in Packaging Co. of America (NYSE:PKG)

Cinctive Capital Management LP bought a new position in shares of Packaging Co. of America (NYSE:PKG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,121 shares of the industrial products company’s stock, valued at approximately $1,103,000.

Several other large investors have also recently added to or reduced their stakes in PKG. Cetera Investment Advisers lifted its holdings in shares of Packaging Co. of America by 981.4% during the 1st quarter. Cetera Investment Advisers now owns 19,109 shares of the industrial products company’s stock worth $3,626,000 after acquiring an additional 17,342 shares during the period. Cetera Advisors LLC boosted its holdings in shares of Packaging Co. of America by 33.0% in the 1st quarter. Cetera Advisors LLC now owns 2,535 shares of the industrial products company’s stock valued at $481,000 after purchasing an additional 629 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Packaging Co. of America by 42.3% during the 2nd quarter. GAMMA Investing LLC now owns 1,208 shares of the industrial products company’s stock valued at $221,000 after buying an additional 359 shares during the period. DNB Asset Management AS increased its holdings in shares of Packaging Co. of America by 11.3% during the 2nd quarter. DNB Asset Management AS now owns 16,247 shares of the industrial products company’s stock worth $2,966,000 after buying an additional 1,652 shares during the last quarter. Finally, Mather Group LLC. raised its position in shares of Packaging Co. of America by 7.5% in the 2nd quarter. Mather Group LLC. now owns 2,421 shares of the industrial products company’s stock worth $459,000 after buying an additional 169 shares during the period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Co. of America Trading Down 0.3 %

PKG opened at $244.14 on Wednesday. The firm’s 50 day moving average is $228.82 and its 200-day moving average is $205.39. Packaging Co. of America has a 52-week low of $159.57 and a 52-week high of $250.82. The company has a quick ratio of 1.98, a current ratio of 2.95 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $21.93 billion, a P/E ratio of 28.45, a P/E/G ratio of 3.44 and a beta of 0.77.

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

Insider Activity at Packaging Co. of America

In other news, Director Paul T. Stecko sold 10,500 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $244.91, for a total value of $2,571,555.00. Following the sale, the director now owns 8,881 shares in the company, valued at approximately $2,175,045.71. This represents a 54.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of Packaging Co. of America 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 owns 43,954 shares of the company’s stock, valued at $10,576,211.48. This trade represents a 22.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,000 shares of company stock valued at $7,500,905. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PKG shares. StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday. Truist Financial restated a “buy” rating and issued a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Wells Fargo & Company raised their price target on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Citigroup increased their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.