Packaging Corporation of America (PKG) Stake Lessened by California State Teachers Retirement System

California State Teachers Retirement System lessened its holdings in shares of Packaging Corporation of America (NYSE:PKG) by 8.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 169,791 shares of the industrial products company’s stock after selling 15,831 shares during the period. California State Teachers Retirement System owned 0.18% of Packaging Corporation of America worth $18,913,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Packaging Corporation of America by 8,719.3% during the first quarter. BlackRock Inc. now owns 13,344,341 shares of the industrial products company’s stock worth $1,222,607,000 after purchasing an additional 13,193,032 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Packaging Corporation of America by 2.3% during the second quarter. Vanguard Group Inc. now owns 8,430,256 shares of the industrial products company’s stock worth $939,046,000 after purchasing an additional 191,348 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Packaging Corporation of America by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 4,097,547 shares of the industrial products company’s stock worth $456,426,000 after purchasing an additional 62,507 shares during the period. State Street Corp lifted its holdings in shares of Packaging Corporation of America by 1.0% during the second quarter. State Street Corp now owns 3,336,381 shares of the industrial products company’s stock worth $371,683,000 after purchasing an additional 31,624 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Packaging Corporation of America by 9.8% during the first quarter. Bank of America Corp DE now owns 2,461,352 shares of the industrial products company’s stock worth $225,509,000 after purchasing an additional 219,410 shares during the period. Institutional investors own 88.19% of the company’s stock.

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Packaging Corporation of America (PKG) traded down 3.74% during midday trading on Friday, hitting $114.15. 263,725 shares of the stock traded hands. The stock has a market capitalization of $10.69 billion, a P/E ratio of 21.99 and a beta of 1.83. The stock’s 50-day moving average price is $116.38 and its 200-day moving average price is $108.22. Packaging Corporation of America has a 52 week low of $78.03 and a 52 week high of $119.57.

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.69 by ($0.01). Packaging Corporation of America had a return on equity of 29.38% and a net margin of 8.18%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the company earned $1.30 earnings per share. The firm’s revenue was up 10.5% compared to the same quarter last year. Equities research analysts expect that Packaging Corporation of America will post $6.06 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 15th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Thursday, September 14th. Packaging Corporation of America’s payout ratio is 46.67%.

Several equities analysts recently issued reports on PKG shares. Deutsche Bank AG restated a “hold” rating and issued a $120.00 target price (up previously from $94.00) on shares of Packaging Corporation of America in a report on Monday, October 9th. BidaskClub lowered shares of Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Stephens started coverage on shares of Packaging Corporation of America in a report on Tuesday. They issued an “overweight” rating and a $130.00 target price on the stock. BMO Capital Markets restated an “outperform” rating and issued a $122.00 target price (up previously from $118.00) on shares of Packaging Corporation of America in a report on Tuesday, August 22nd. Finally, Wells Fargo & Company lowered shares of Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a report on Monday, July 10th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Packaging Corporation of America presently has a consensus rating of “Buy” and a consensus target price of $115.55.

In other Packaging Corporation of America news, VP Thomas A. Hassfurther sold 6,000 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $117.94, for a total transaction of $707,640.00. Following the completion of the sale, the vice president now directly owns 155,071 shares of the company’s stock, valued at $18,289,073.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.20% of the company’s stock.

About Packaging Corporation of America

Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers.

Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

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