Bleakley Financial Group LLC Buys Shares of 1,132 Packaging Co. of America (NYSE:PKG) (2024)

Posted by Defense World Staff on Jul 21st, 2024

Bleakley Financial Group LLC acquired a new position in Packaging Co. of America (NYSE:PKG – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,132 shares of the industrial products company’s stock, valued at approximately $215,000.

A number of other hedge funds have also recently made changes to their positions in PKG. Norges Bank purchased a new position in shares of Packaging Co. of America in the fourth quarter valued at approximately $163,314,000. Balyasny Asset Management L.P. boosted its position in Packaging Co. of America by 175.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 438,285 shares of the industrial products company’s stock valued at $71,401,000 after buying an additional 279,059 shares during the period. Retirement Systems of Alabama grew its stake in shares of Packaging Co. of America by 1,133.4% in the fourth quarter. Retirement Systems of Alabama now owns 250,752 shares of the industrial products company’s stock worth $40,850,000 after acquiring an additional 230,422 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Packaging Co. of America by 31.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 783,619 shares of the industrial products company’s stock worth $127,659,000 after acquiring an additional 189,401 shares during the period. Finally, Boston Partners increased its position in shares of Packaging Co. of America by 20.1% during the fourth quarter. Boston Partners now owns 968,816 shares of the industrial products company’s stock worth $157,836,000 after acquiring an additional 162,420 shares during the period. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Analyst Upgrades and Downgrades

PKG has been the subject of several analyst reports. Truist Financial boosted their price target on shares of Packaging Co. of America from $208.00 to $215.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Citigroup increased their target price on Packaging Co. of America from $181.00 to $187.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Wells Fargo & Company raised their price target on Packaging Co. of America from $191.00 to $194.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Bank of America upped their price objective on Packaging Co. of America from $197.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Finally, StockNews.com lowered Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $186.33.

Read Our Latest Research Report on PKG

Insider Activity

In other news, Director Karen E. Gowland purchased 300 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were acquired at an average cost of $182.06 per share, for a total transaction of $54,618.00. Following the completion of the purchase, the director now directly owns 916 shares in the company, valued at approximately $166,766.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.60% of the company’s stock.

Packaging Co. of America Stock Down 0.7 %

PKG opened at $191.21 on Friday. The stock has a market capitalization of $17.17 billion, a P/E ratio of 23.90, a price-to-earnings-growth ratio of 5.15 and a beta of 0.77. Packaging Co. of America has a one year low of $135.10 and a one year high of $194.42. The business’s 50-day simple moving average is $183.38 and its 200-day simple moving average is $178.45. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.74 and a current ratio of 2.46.

Packaging Co. of America (NYSE:PKG – Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.09. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.80%. Packaging Co. of America’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.20 EPS. Analysts anticipate that Packaging Co. of America will post 8.43 EPS for the current year.

Packaging Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 14th were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $5.00 annualized dividend and a dividend yield of 2.61%. Packaging Co. of America’s dividend payout ratio (DPR) is currently 62.50%.

Packaging Co. of America Company Profile

(Free Report)

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.