JPMorgan Chase & Co. Reduces Stake in Packaging Corporation of America (NYSE:PKG)

JPMorgan Chase & Co. decreased its holdings in Packaging Corporation of America (NYSE:PKG) by 13.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 381,639 shares of the industrial products company’s stock after selling 61,618 shares during the period. JPMorgan Chase & Co. owned about 0.40% of Packaging Corporation of America worth $42,511,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of PKG. Russell Investments Group Ltd. grew its stake in shares of Packaging Corporation of America by 106.5% in the first quarter. Russell Investments Group Ltd. now owns 130,029 shares of the industrial products company’s stock worth $11,914,000 after acquiring an additional 67,073 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Packaging Corporation of America by 4,143.8% during the first quarter. Canada Pension Plan Investment Board now owns 33,950 shares of the industrial products company’s stock worth $3,110,000 after purchasing an additional 33,150 shares in the last quarter. World Asset Management Inc grew its stake in shares of Packaging Corporation of America by 15.2% during the first quarter. World Asset Management Inc now owns 7,054 shares of the industrial products company’s stock worth $646,000 after purchasing an additional 931 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Packaging Corporation of America by 26.9% during the first quarter. UBS Asset Management Americas Inc. now owns 261,484 shares of the industrial products company’s stock worth $23,957,000 after purchasing an additional 55,475 shares in the last quarter. Finally, British Columbia Investment Management Corp grew its stake in shares of Packaging Corporation of America by 29.5% during the first quarter. British Columbia Investment Management Corp now owns 92,384 shares of the industrial products company’s stock worth $8,464,000 after purchasing an additional 21,044 shares in the last quarter. Institutional investors and hedge funds own 88.18% of the company’s stock.

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In other news, VP Thomas A. Hassfurther sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $117.94, for a total transaction of $707,640.00. Following the completion of the transaction, the vice president now directly owns 155,071 shares of the company’s stock, valued at approximately $18,289,073.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is owned by company insiders.

A number of equities research analysts recently weighed in on PKG shares. Jefferies Group LLC set a $114.00 price target on shares of Packaging Corporation of America and gave the company a “buy” rating in a research report on Thursday, June 1st. ValuEngine raised shares of Packaging Corporation of America from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BMO Capital Markets reissued a “buy” rating and issued a $104.00 price target on shares of Packaging Corporation of America in a research report on Friday, June 2nd. KeyCorp started coverage on shares of Packaging Corporation of America in a report on Thursday, July 6th. They issued a “sector weight” rating for the company. Finally, Wells Fargo & Company cut shares of Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a report on Monday, July 10th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Packaging Corporation of America presently has an average rating of “Hold” and a consensus price target of $107.90.

Shares of Packaging Corporation of America (NYSE PKG) traded down 2.64% on Friday, hitting $115.66. 334,992 shares of the stock were exchanged. Packaging Corporation of America has a one year low of $78.03 and a one year high of $118.97. The firm’s 50 day moving average price is $111.39 and its 200 day moving average price is $103.63. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of 22.29 and a beta of 1.86.

Packaging Corporation of America (NYSE:PKG) last posted its earnings results on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.05. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. Packaging Corporation of America’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. Equities analysts anticipate that Packaging Corporation of America will post $6.02 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.52 annualized dividend and a dividend yield of 2.11%. Packaging Corporation of America’s dividend payout ratio is currently 48.56%.

Packaging Corporation of America 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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