US Bancorp DE lifted its stake in shares of Packaging Corp Of America (NYSE:PKG) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 83,541 shares of the industrial products company’s stock after purchasing an additional 1,718 shares during the quarter. US Bancorp DE owned about 0.09% of Packaging Corp Of America worth $9,164,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Midas Management Corp purchased a new position in Packaging Corp Of America in the 3rd quarter valued at about $2,084,000. Aurora Investment Counsel purchased a new position in Packaging Corp Of America in the 3rd quarter valued at about $1,539,000. Manning & Napier Group LLC lifted its holdings in Packaging Corp Of America by 13.8% in the 3rd quarter. Manning & Napier Group LLC now owns 18,243 shares of the industrial products company’s stock valued at $2,000,000 after purchasing an additional 2,216 shares in the last quarter. Korea Investment CORP lifted its holdings in Packaging Corp Of America by 27.6% in the 2nd quarter. Korea Investment CORP now owns 85,473 shares of the industrial products company’s stock valued at $9,555,000 after purchasing an additional 18,500 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in Packaging Corp Of America by 625.0% in the 2nd quarter. Bank of Nova Scotia now owns 88,751 shares of the industrial products company’s stock valued at $9,921,000 after purchasing an additional 76,510 shares in the last quarter. 86.73% of the stock is currently owned by institutional investors and hedge funds.
PKG has been the topic of a number of recent research reports. Deutsche Bank set a $120.00 target price on shares of Packaging Corp Of America and gave the company a “hold” rating in a report on Monday, October 29th. Wells Fargo & Co reduced their target price on shares of Packaging Corp Of America from $140.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, October 26th. Argus reduced their target price on shares of Packaging Corp Of America from $130.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, October 26th. ValuEngine upgraded shares of Packaging Corp Of America from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 31st. Finally, Citigroup reduced their target price on shares of Packaging Corp Of America from $124.00 to $98.00 and set a “neutral” rating on the stock in a report on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $116.91.
Shares of PKG stock opened at $96.00 on Friday. The stock has a market cap of $9.32 billion, a PE ratio of 15.95, a P/E/G ratio of 1.48 and a beta of 1.82. Packaging Corp Of America has a 1-year low of $83.54 and a 1-year high of $131.13. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.67 and a current ratio of 2.73.
Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Packaging Corp Of America had a net margin of 11.54% and a return on equity of 30.77%. Analysts forecast that Packaging Corp Of America will post 8.01 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 14th were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $3.16 annualized dividend and a dividend yield of 3.29%. Packaging Corp Of America’s payout ratio is currently 52.49%.
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About Packaging Corp Of America
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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