M&T Bank Corp lowered its stake in shares of Packaging Corp Of America (NYSE:PKG) by 0.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 71,195 shares of the industrial products company’s stock after selling 580 shares during the period. M&T Bank Corp’s holdings in Packaging Corp Of America were worth $7,105,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PKG. Norges Bank purchased a new position in shares of Packaging Corp Of America during the fourth quarter worth about $114,083,000. JPMorgan Chase & Co. boosted its holdings in Packaging Corp Of America by 38.1% in the 1st quarter. JPMorgan Chase & Co. now owns 3,470,427 shares of the industrial products company’s stock valued at $301,337,000 after purchasing an additional 957,767 shares in the last quarter. Eaton Vance Management boosted its holdings in Packaging Corp Of America by 68.2% in the 1st quarter. Eaton Vance Management now owns 784,575 shares of the industrial products company’s stock valued at $68,466,000 after purchasing an additional 318,258 shares in the last quarter. Capital World Investors boosted its holdings in Packaging Corp Of America by 5.0% in the 1st quarter. Capital World Investors now owns 4,777,156 shares of the industrial products company’s stock valued at $414,800,000 after purchasing an additional 228,015 shares in the last quarter. Finally, Balyasny Asset Management LLC purchased a new stake in Packaging Corp Of America in the 1st quarter valued at approximately $13,631,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Packaging Corp Of America stock opened at $96.12 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.51 and a quick ratio of 2.42. Packaging Corp Of America has a 1 year low of $71.05 and a 1 year high of $114.78. The company has a market capitalization of $9.12 billion, a P/E ratio of 14.76, a P/E/G ratio of 3.68 and a beta of 1.26. The business has a 50 day moving average price of $100.01 and a 200 day moving average price of $96.33.
Packaging Corp Of America (NYSE:PKG) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.11. Packaging Corp Of America had a return on equity of 20.07% and a net margin of 7.65%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the firm posted $2.04 EPS. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, research analysts expect that Packaging Corp Of America will post 5.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $3.16 annualized dividend and a dividend yield of 3.29%. Packaging Corp Of America’s dividend payout ratio is currently 41.31%.
A number of brokerages have weighed in on PKG. Morgan Stanley began coverage on Packaging Corp Of America in a report on Monday, June 15th. They issued an “equal weight” rating and a $93.00 price objective on the stock. BofA Securities raised Packaging Corp Of America from a “neutral” rating to a “buy” rating in a report on Thursday, July 16th. Deutsche Bank lowered their price objective on Packaging Corp Of America from $115.00 to $100.00 and set a “hold” rating on the stock in a report on Tuesday, May 26th. Wells Fargo & Co decreased their price target on Packaging Corp Of America from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, Seaport Global Securities reissued a “neutral” rating on shares of Packaging Corp Of America in a research note on Monday, July 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $103.58.
Packaging Corp Of America Profile
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various 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.
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