Packaging Corp Of America (PKG) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp trimmed its position in Packaging Corp Of America (NYSE:PKG) by 62.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,266 shares of the industrial products company’s stock after selling 121,695 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.08% of Packaging Corp Of America worth $8,037,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Packaging Corp Of America by 10.1% during the 2nd quarter. BlackRock Inc. now owns 9,488,674 shares of the industrial products company’s stock worth $1,060,741,000 after purchasing an additional 872,739 shares in the last quarter. FMR LLC increased its holdings in Packaging Corp Of America by 222.9% during the 2nd quarter. FMR LLC now owns 3,050,688 shares of the industrial products company’s stock worth $341,036,000 after purchasing an additional 2,105,782 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Packaging Corp Of America by 3.6% during the 3rd quarter. Wells Fargo & Company MN now owns 1,898,063 shares of the industrial products company’s stock worth $208,198,000 after purchasing an additional 66,225 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Packaging Corp Of America by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,716,500 shares of the industrial products company’s stock worth $188,282,000 after purchasing an additional 82,286 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Packaging Corp Of America by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,585,600 shares of the industrial products company’s stock worth $173,925,000 after purchasing an additional 88,042 shares in the last quarter. 86.65% of the stock is owned by institutional investors and hedge funds.

A number of analysts have commented on PKG shares. ValuEngine raised Packaging Corp Of America from a “sell” rating to a “hold” rating in a report on Monday, August 20th. Zacks Investment Research lowered Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. BMO Capital Markets lowered Packaging Corp Of America from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $130.00 to $108.00 in a report on Tuesday, October 9th. Citigroup decreased their price objective on Packaging Corp Of America from $124.00 to $98.00 and set a “neutral” rating for the company in a report on Thursday, October 11th. Finally, Seaport Global Securities started coverage on Packaging Corp Of America in a report on Tuesday, October 23rd. They set a “buy” rating and a $112.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $116.91.

PKG stock opened at $92.95 on Friday. The company has a market capitalization of $9.01 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.43 and a beta of 1.85. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.76 and a quick ratio of 1.74. Packaging Corp Of America has a 12-month low of $83.54 and a 12-month high of $131.13.

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

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

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Packaging Corp Of America Company 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.

Further Reading: Buyback For Investors Defined

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

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