Short Interest in Packaging Co. of America (NYSE:PKG) Declines By 19.1%

Packaging Co. of America (NYSE:PKG) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, a drop of 19.1% from the October 15th total of 1,520,000 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 545,300 shares, the short-interest ratio is currently 2.3 days.

Packaging Co. of America Price Performance

NYSE:PKG traded up $0.21 during trading hours on Friday, reaching $235.81. 583,602 shares of the company’s stock were exchanged, compared to its average volume of 600,704. 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 company has a market capitalization of $21.18 billion, a P/E ratio of 27.48, a price-to-earnings-growth ratio of 3.35 and a beta of 0.76. Packaging Co. of America has a 12 month low of $148.50 and a 12 month high of $245.00. The business’s 50-day simple moving average is $221.23 and its two-hundred day simple moving average is $200.12.

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

Packaging Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.12%. Packaging Co. of America’s payout ratio is presently 58.28%.

Insider Buying and Selling

In other Packaging Co. of America news, SVP Donald R. Shirley sold 8,000 shares of Packaging Co. of America stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the sale, the senior vice president now owns 15,725 shares of the company’s stock, valued at $3,777,145. The trade was a 33.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert P. Mundy sold 12,500 shares of the stock in a transaction on 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 position. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Packaging Co. of America

Hedge funds have recently bought and sold shares of the company. Central Pacific Bank Trust Division acquired a new stake in shares of Packaging Co. of America in the third quarter worth $32,000. Larson Financial Group LLC boosted its position in Packaging Co. of America by 234.7% during the 3rd 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 during the period. Asset Dedication LLC grew its stake in 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 valued at $31,000 after acquiring an additional 112 shares in the last quarter. Tortoise Investment Management LLC acquired a new position in shares of Packaging Co. of America in the 2nd quarter valued at about $33,000. Finally, Headlands Technologies LLC acquired a new position in shares of Packaging Co. of America in the 1st quarter valued at about $43,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on PKG. Citigroup boosted their price target 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. Truist Financial reissued a “buy” rating and set a $252.00 target price (up previously from $242.00) on shares of Packaging Co. of America in a report on Thursday, October 24th. Wells Fargo & Company increased their price target on Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, StockNews.com raised Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Packaging Co. of America currently has an average rating of “Moderate Buy” and a consensus price target of $221.60.

About Packaging Co. of America

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.