Fifth Third Bancorp Sells 8,947 Shares of Packaging Corp Of America (PKG)

Fifth Third Bancorp trimmed its holdings in shares of Packaging Corp Of America (NYSE:PKG) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 368,886 shares of the industrial products company’s stock after selling 8,947 shares during the quarter. Fifth Third Bancorp owned about 0.39% of Packaging Corp Of America worth $40,463,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in PKG. FMR LLC increased its position in Packaging Corp Of America by 222.9% during the second quarter. FMR LLC now owns 3,050,688 shares of the industrial products company’s stock worth $341,036,000 after acquiring an additional 2,105,782 shares during the period. BlackRock Inc. increased its position in Packaging Corp Of America by 10.1% during the second quarter. BlackRock Inc. now owns 9,488,674 shares of the industrial products company’s stock worth $1,060,741,000 after acquiring an additional 872,739 shares during the period. JPMorgan Chase & Co. increased its position in Packaging Corp Of America by 694.5% during the third quarter. JPMorgan Chase & Co. now owns 971,659 shares of the industrial products company’s stock worth $106,582,000 after acquiring an additional 849,363 shares during the period. Schroder Investment Management Group increased its position in Packaging Corp Of America by 189.6% during the third quarter. Schroder Investment Management Group now owns 997,051 shares of the industrial products company’s stock worth $109,367,000 after acquiring an additional 652,718 shares during the period. Finally, Menora Mivtachim Holdings LTD. increased its position in Packaging Corp Of America by 101.7% during the third quarter. Menora Mivtachim Holdings LTD. now owns 335,618 shares of the industrial products company’s stock worth $36,814,000 after acquiring an additional 169,250 shares during the period. 86.65% of the stock is currently owned by institutional investors and hedge funds.

PKG stock opened at $92.95 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.74 and a current ratio of 2.76. Packaging Corp Of America has a 12 month low of $83.54 and a 12 month high of $131.13. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.43 and a beta of 1.85.

Packaging Corp Of America (NYSE:PKG) last released its earnings results on Wednesday, October 24th. The industrial products company reported $2.23 EPS for the quarter, beating the consensus estimate of $2.15 by $0.08. Packaging Corp Of America had a net margin of 11.54% and a return on equity of 29.96%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Equities research analysts forecast that Packaging Corp Of America will post 8.03 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 17th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.40%. The ex-dividend date is Friday, December 14th. Packaging Corp Of America’s dividend payout ratio is currently 52.49%.

PKG has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Seaport Global Securities initiated coverage on shares of Packaging Corp Of America in a research report on Tuesday, October 23rd. They set a “buy” rating and a $112.00 price target on the stock. KeyCorp reaffirmed a “hold” rating on shares of Packaging Corp Of America in a research report on Thursday, October 25th. ValuEngine lowered shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a research report on Sunday, August 26th. Finally, BMO Capital Markets lowered shares of Packaging Corp Of America from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $130.00 to $108.00 in a research report on Tuesday, October 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $116.91.

ILLEGAL ACTIVITY NOTICE: This report was posted by American Banking News and is the property of of American Banking News. If you are reading this report on another publication, it was copied illegally and republished in violation of US and international trademark and copyright law. The original version of this report can be viewed at https://www.americanbankingnews.com/2018/12/08/fifth-third-bancorp-sells-8947-shares-of-packaging-corp-of-america-pkg.html.

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.

See Also: What strategies should day traders use to execute a trade?

Institutional Ownership by Quarter for Packaging Corp Of America (NYSE:PKG)

Receive News & Ratings for Packaging Corp Of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Corp Of America and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply