Magnetar Financial LLC Buys Shares of 4,328 Packaging Corp Of America (PKG)
Magnetar Financial LLC bought a new stake in shares of Packaging Corp Of America (NYSE:PKG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,328 shares of the industrial products company’s stock, valued at approximately $496,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Toronto Dominion Bank boosted its position in shares of Packaging Corp Of America by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 1,158 shares of the industrial products company’s stock valued at $129,000 after acquiring an additional 128 shares during the last quarter. Advantage Investment Management LLC bought a new position in shares of Packaging Corp Of America during the 3rd quarter valued at approximately $137,000. Northwestern Mutual Wealth Management Co. raised its holdings in Packaging Corp Of America by 84.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,451 shares of the industrial products company’s stock valued at $161,000 after buying an additional 665 shares during the period. Perpetual Ltd purchased a new stake in Packaging Corp Of America during the 2nd quarter valued at $201,000. Finally, Simmons Bank purchased a new stake in Packaging Corp Of America during the 2nd quarter valued at $211,000. Hedge funds and other institutional investors own 90.24% of the company’s stock.
Packaging Corp Of America (NYSE PKG) traded up $0.02 during mid-day trading on Thursday, reaching $116.98. The company’s stock had a trading volume of 611,300 shares, compared to its average volume of 883,222. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.49 and a current ratio of 2.45. Packaging Corp Of America has a twelve month low of $84.01 and a twelve month high of $120.75. The stock has a market capitalization of $11,035.23, a price-to-earnings ratio of 20.52, a price-to-earnings-growth ratio of 2.34 and a beta of 1.81.
In other Packaging Corp Of America news, SVP Charles J. Carter sold 6,150 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $117.04, for a total value of $719,796.00. Following the sale, the senior vice president now owns 24,265 shares in the company, valued at $2,839,975.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Thomas W.H. Walton sold 6,027 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $116.15, for a total value of $700,036.05. Following the completion of the sale, the senior vice president now owns 32,690 shares in the company, valued at approximately $3,796,943.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,177 shares of company stock worth $1,427,532. Insiders own 1.20% of the company’s stock.
Several analysts recently weighed in on PKG shares. Stephens started coverage on Packaging Corp Of America in a report on Tuesday, October 24th. They set an “overweight” rating and a $130.00 price target on the stock. Zacks Investment Research upgraded Packaging Corp Of America from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a report on Thursday, October 12th. Deutsche Bank restated a “hold” rating and set a $120.00 price target (up previously from $94.00) on shares of Packaging Corp Of America in a report on Monday, October 9th. KeyCorp restated a “hold” rating on shares of Packaging Corp Of America in a report on Wednesday, October 18th. Finally, Barclays increased their price target on Packaging Corp Of America from $108.00 to $110.00 and gave the company an “equal weight” rating in a report on Monday, October 30th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Packaging Corp Of America has an average rating of “Hold” and a consensus price target of $117.36.
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Packaging Corp Of America Company Profile
Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers.
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