Packaging Co. of America (NYSE:PKG) Short Interest Up 18.7% in September

Packaging Co. of America (NYSE:PKG) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,650,000 shares, an increase of 18.7% from the August 31st total of 1,390,000 shares. Based on an average daily volume of 568,000 shares, the days-to-cover ratio is presently 2.9 days. Approximately 1.9% of the shares of the company are sold short.

Packaging Co. of America Trading Down 0.1 %

Shares of NYSE:PKG traded down $0.30 during midday trading on Monday, hitting $215.40. 443,914 shares of the stock were exchanged, compared to its average volume of 607,830. The stock has a market capitalization of $19.35 billion, a price-to-earnings ratio of 26.93, a P/E/G ratio of 4.23 and a beta of 0.77. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The business’s 50-day moving average price is $202.87 and its 200 day moving average price is $189.79. Packaging Co. of America has a 12 month low of $143.82 and a 12 month high of $217.69.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.06. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.31 earnings per share. Analysts predict that Packaging Co. of America will post 8.72 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, September 16th. Packaging Co. of America’s payout ratio is 62.50%.

Analyst Upgrades and Downgrades

PKG has been the subject of a number of research reports. Citigroup lifted their target price on Packaging Co. of America from $181.00 to $187.00 and gave the stock a “neutral” rating in a report on Monday, July 8th. StockNews.com downgraded Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Saturday. Bank of America boosted their price target on Packaging Co. of America from $197.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Wells Fargo & Company boosted their target price on Packaging Co. of America from $194.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Truist Financial boosted their target price on Packaging Co. of America from $215.00 to $219.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Packaging Co. of America has a consensus rating of “Hold” and a consensus price target of $190.50.

Insiders Place Their Bets

In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the transaction, the senior vice president now directly owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the sale, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Packaging Co. of America

A number of institutional investors and hedge funds have recently modified their holdings of the business. Register Financial Advisors LLC acquired a new position in shares of Packaging Co. of America during the first quarter worth approximately $25,000. Neo Ivy Capital Management acquired a new position in shares of Packaging Co. of America during the fourth quarter worth approximately $28,000. Asset Dedication LLC raised its position in shares of Packaging Co. of America by 200.0% during the second 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. Tortoise Investment Management LLC acquired a new position in shares of Packaging Co. of America during the second quarter worth approximately $33,000. Finally, Headlands Technologies LLC acquired a new position in shares of Packaging Co. of America during the first quarter worth approximately $43,000. 89.78% of the stock is currently owned by institutional investors.

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.