Packaging Corporation of America (PKG) Stake Cut by Pitcairn Co.

Pitcairn Co. decreased its stake in Packaging Corporation of America (NYSE:PKG) by 18.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,115 shares of the industrial products company’s stock after selling 2,111 shares during the period. Pitcairn Co.’s holdings in Packaging Corporation of America were worth $1,015,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in Packaging Corporation of America during the first quarter valued at about $113,000. TrimTabs Asset Management LLC boosted its stake in shares of Packaging Corporation of America by 88.5% in the first quarter. TrimTabs Asset Management LLC now owns 1,295 shares of the industrial products company’s stock valued at $119,000 after buying an additional 608 shares during the last quarter. Creative Planning boosted its stake in shares of Packaging Corporation of America by 44.9% in the first quarter. Creative Planning now owns 1,563 shares of the industrial products company’s stock valued at $143,000 after buying an additional 484 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Packaging Corporation of America by 12.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,150 shares of the industrial products company’s stock valued at $197,000 after buying an additional 231 shares during the last quarter. Finally, Atria Investments LLC acquired a new stake in shares of Packaging Corporation of America during the second quarter valued at approximately $200,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Shares of Packaging Corporation of America (NYSE:PKG) opened at 107.52 on Friday. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 20.72 and a beta of 1.86. The stock’s 50 day moving average price is $110.57 and its 200-day moving average price is $100.12. Packaging Corporation of America has a 52-week low of $74.95 and a 52-week high of $114.31.

Packaging Corporation of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.05. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.56 billion. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. The company’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 earnings per share. On average, analysts forecast that Packaging Corporation of America will post $6.00 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Thursday, June 15th were issued a $0.63 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $2.52 annualized dividend and a yield of 2.34%. Packaging Corporation of America’s payout ratio is currently 48.56%.

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PKG has been the topic of several research analyst reports. Citigroup Inc. increased their target price on Packaging Corporation of America from $106.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, April 14th. Deutsche Bank AG increased their target price on Packaging Corporation of America from $91.00 to $94.00 and gave the stock a “hold” rating in a report on Tuesday, April 25th. Jefferies Group LLC restated a “buy” rating and set a $114.00 target price (up previously from $107.00) on shares of Packaging Corporation of America in a report on Saturday, April 29th. BMO Capital Markets restated a “buy” rating and set a $104.00 target price (up previously from $100.00) on shares of Packaging Corporation of America in a report on Monday, May 1st. Finally, Barclays PLC decreased their target price on Packaging Corporation of America from $100.00 to $90.00 and set an “equal weight” rating on the stock in a report on Monday, May 1st. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $102.73.

Packaging Corporation 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.

Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

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