WESPAC Advisors LLC Grows Stake in Packaging Corp Of America (PKG)

WESPAC Advisors LLC grew its stake in shares of Packaging Corp Of America (NYSE:PKG) by 48.9% in the third quarter, HoldingsChannel.com reports. The fund owned 21,805 shares of the industrial products company’s stock after acquiring an additional 7,157 shares during the quarter. Packaging Corp Of America accounts for about 1.4% of WESPAC Advisors LLC’s portfolio, making the stock its 28th largest position. WESPAC Advisors LLC’s holdings in Packaging Corp Of America were worth $2,392,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in PKG. FMR LLC grew its position in shares of 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 valued at $341,036,000 after acquiring an additional 2,105,782 shares during the period. BlackRock Inc. lifted its stake in shares of 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 valued at $1,060,741,000 after buying an additional 872,739 shares in the last quarter. Schroder Investment Management Group lifted its stake in shares of Packaging Corp Of America by 461.6% during the 2nd quarter. Schroder Investment Management Group now owns 344,333 shares of the industrial products company’s stock valued at $38,593,000 after buying an additional 283,016 shares in the last quarter. Iridian Asset Management LLC CT lifted its stake in shares of Packaging Corp Of America by 19.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 1,588,384 shares of the industrial products company’s stock valued at $177,565,000 after buying an additional 253,520 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. purchased a new stake in shares of Packaging Corp Of America during the 2nd quarter valued at approximately $18,598,000. 86.73% of the stock is owned by hedge funds and other institutional investors.

NYSE PKG opened at $95.36 on Monday. 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. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 1.42 and a beta of 1.82.

Packaging Corp Of America (NYSE:PKG) last posted its earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 30.77%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. As a group, research analysts forecast that Packaging Corp Of America will post 8.01 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 14th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.31%. The ex-dividend date was Thursday, September 13th. Packaging Corp Of America’s dividend payout ratio is presently 52.49%.

A number of brokerages recently commented on PKG. Seaport Global Securities began coverage on shares of Packaging Corp Of America in a research note on Tuesday, October 23rd. They set a “buy” rating and a $112.00 price target on the stock. Citigroup upped their price target on shares of Packaging Corp Of America from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, July 30th. Barclays dropped their price target on shares of Packaging Corp Of America from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Monday, July 30th. ValuEngine upgraded shares of Packaging Corp Of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, BMO Capital Markets cut shares of Packaging Corp Of America from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $130.00 to $108.00 in a research note on Tuesday, October 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $116.91.

Packaging Corp Of America 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.

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

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