Texas Permanent School Fund cut its holdings in Packaging Corp Of America (NYSE:PKG) by 7.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,214 shares of the industrial products company’s stock after selling 1,809 shares during the quarter. Texas Permanent School Fund’s holdings in Packaging Corp Of America were worth $2,327,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Midas Management Corp bought a new position in Packaging Corp Of America in the third quarter valued at approximately $2,084,000. Aurora Investment Counsel bought a new position in Packaging Corp Of America in the third quarter valued at approximately $1,539,000. Korea Investment CORP boosted its stake in Packaging Corp Of America by 27.6% in the second quarter. Korea Investment CORP now owns 85,473 shares of the industrial products company’s stock valued at $9,555,000 after acquiring an additional 18,500 shares during the last quarter. Bank of Nova Scotia boosted its stake in Packaging Corp Of America by 625.0% in the second quarter. Bank of Nova Scotia now owns 88,751 shares of the industrial products company’s stock valued at $9,921,000 after acquiring an additional 76,510 shares during the last quarter. Finally, Manning & Napier Group LLC boosted its stake in Packaging Corp Of America by 13.8% in the third quarter. Manning & Napier Group LLC now owns 18,243 shares of the industrial products company’s stock valued at $2,000,000 after acquiring an additional 2,216 shares during the last quarter. 86.73% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on PKG shares. Seaport Global Securities started coverage on shares of Packaging Corp Of America in a research note on Tuesday, October 23rd. They issued a “buy” rating and a $112.00 price objective on the stock. Argus reduced their price objective on shares of Packaging Corp Of America from $130.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Barclays reduced their price objective 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. KeyCorp reaffirmed a “hold” rating on shares of Packaging Corp Of America in a research note on Thursday, October 25th. Finally, ValuEngine raised shares of Packaging Corp Of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Two equities 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.
Shares of NYSE PKG opened at $96.44 on Tuesday. The firm has a market cap of $8.97 billion, a PE ratio of 16.02, a PEG ratio of 1.42 and a beta of 1.82. Packaging Corp Of America has a twelve month low of $83.54 and a twelve month high of $131.13. The company has a current ratio of 2.73, a quick ratio of 1.67 and a debt-to-equity ratio of 1.05.
Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.08. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Packaging Corp Of America had a net margin of 11.54% and a return on equity of 30.77%. As a group, equities analysts anticipate that Packaging Corp Of America will post 8.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 14th were given a dividend of $0.79 per share. The ex-dividend date was Thursday, September 13th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.28%. Packaging Corp Of America’s dividend payout ratio is 52.49%.
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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.
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