Pitcairn Co. lessened its position in Packaging Corp Of America (NYSE:PKG) by 17.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,712 shares of the industrial products company’s stock after selling 1,410 shares during the period. Pitcairn Co.’s holdings in Packaging Corp Of America were worth $736,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Midas Management Corp bought a new stake in Packaging Corp Of America in the 3rd quarter worth $2,084,000. Aurora Investment Counsel bought a new stake in shares of Packaging Corp Of America during the 3rd quarter valued at about $1,539,000. Korea Investment CORP boosted its stake in shares of Packaging Corp Of America by 27.6% during the 2nd quarter. Korea Investment CORP now owns 85,473 shares of the industrial products company’s stock valued at $9,555,000 after purchasing an additional 18,500 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of Packaging Corp Of America by 625.0% during the 2nd quarter. Bank of Nova Scotia now owns 88,751 shares of the industrial products company’s stock valued at $9,921,000 after purchasing an additional 76,510 shares in the last quarter. Finally, Manning & Napier Group LLC boosted its stake in shares of Packaging Corp Of America by 13.8% during the 3rd quarter. Manning & Napier Group LLC now owns 18,243 shares of the industrial products company’s stock valued at $2,000,000 after purchasing an additional 2,216 shares in the last quarter. 86.73% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE PKG opened at $96.44 on Tuesday. Packaging Corp Of America has a 1 year low of $83.54 and a 1 year high of $131.13. The stock has a market cap of $8.97 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 1.42 and a beta of 1.82. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.73 and a quick ratio of 1.67.
Packaging Corp Of America (NYSE:PKG) last issued its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.81 billion during 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 earnings per share 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 issued a $0.79 dividend. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $3.16 annualized dividend and a yield of 3.28%. Packaging Corp Of America’s dividend payout ratio (DPR) is presently 52.49%.
A number of brokerages have recently weighed in 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 target price on the stock. Citigroup lifted their target price 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 cut their target price 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 raised shares of Packaging Corp Of America from a “sell” rating to a “hold” rating in a research report 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 lowered their price target for the company from $130.00 to $108.00 in a research report on Tuesday, October 9th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Packaging Corp Of America currently has an average rating of “Hold” and an average target price of $116.91.
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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.
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