First National Trust Co. cut its stake in Packaging Corp. of America (NYSE:PKG) by 3.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,855 shares of the company’s stock after selling 137 shares during the period. First National Trust Co.’s holdings in Packaging Corp. of America were worth $258,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. raised its stake in Packaging Corp. of America by 10.3% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,155 shares of the company’s stock valued at $278,000 after buying an additional 388 shares in the last quarter. First Midwest Bank Trust Division purchased a new stake in Packaging Corp. of America during the second quarter valued at about $425,000. Calamos Advisors LLC raised its stake in Packaging Corp. of America by 1.1% in the second quarter. Calamos Advisors LLC now owns 43,213 shares of the company’s stock valued at $2,892,000 after buying an additional 478 shares in the last quarter. American Century Companies Inc. purchased a new stake in Packaging Corp. of America during the second quarter valued at about $3,479,000. Finally, Boston Advisors LLC raised its stake in Packaging Corp. of America by 19.2% in the second quarter. Boston Advisors LLC now owns 30,539 shares of the company’s stock valued at $2,044,000 after buying an additional 4,924 shares in the last quarter. 86.87% of the stock is owned by institutional investors.
Shares of Packaging Corp. of America (NYSE:PKG) traded down 0.49% during mid-day trading on Friday, reaching $80.62. The company had a trading volume of 851,449 shares. The stock’s 50-day moving average price is $79.77 and its 200 day moving average price is $70.54. The company has a market capitalization of $7.53 billion, a PE ratio of 17.13 and a beta of 1.76. Packaging Corp. of America has a 1-year low of $44.32 and a 1-year high of $82.77.
Packaging Corp. of America (NYSE:PKG) last posted its quarterly earnings data on Thursday, July 21st. The company reported $1.25 EPS for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.07. The business earned $1.42 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Packaging Corp. of America had a return on equity of 27.74% and a net margin of 7.95%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.18 earnings per share. Equities analysts expect that Packaging Corp. of America will post $4.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This is a boost from Packaging Corp. of America’s previous quarterly dividend of $0.55. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.13%. Packaging Corp. of America’s payout ratio is 53.62%.
Several research firms recently issued reports on PKG. Deutsche Bank AG raised shares of Packaging Corp. of America from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Friday, September 23rd. Goldman Sachs Group Inc. began coverage on shares of Packaging Corp. of America in a report on Thursday, September 22nd. They set a “sell” rating and a $77.00 price objective for the company. Credit Agricole SA increased their price objective on shares of Packaging Corp. of America from $83.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Argus reaffirmed a “buy” rating and set a $84.00 price objective (up from $79.00) on shares of Packaging Corp. of America in a report on Friday, September 2nd. Finally, Citigroup Inc. increased their price objective on shares of Packaging Corp. of America from $76.00 to $81.00 and gave the company a “neutral” rating in a report on Wednesday, August 31st. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $78.46.
In other news, SVP Kent A. Pflederer sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $74.30, for a total value of $81,730.00. Following the completion of the sale, the senior vice president now directly owns 34,623 shares in the company, valued at $2,572,488.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is owned by insiders.
Packaging Corp. of America Company Profile
Packaging Corporation of America (PCA) is a producer of containerboard and corrugated packaging products, and uncoated free sheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Company operates over eight mills and approximately 90 corrugated products manufacturing plants.
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