Arizona State Retirement System boosted its position in shares of Packaging Corp Of America (NYSE:PKG) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,092 shares of the industrial products company’s stock after purchasing an additional 852 shares during the period. Arizona State Retirement System’s holdings in Packaging Corp Of America were worth $5,166,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Terra Nova Asset Management LLC boosted its position in Packaging Corp Of America by 13.5% during the third quarter. Terra Nova Asset Management LLC now owns 9,151 shares of the industrial products company’s stock valued at $1,004,000 after purchasing an additional 1,085 shares during the last quarter. Braun Stacey Associates Inc. boosted its position in Packaging Corp Of America by 1.4% during the third quarter. Braun Stacey Associates Inc. now owns 86,980 shares of the industrial products company’s stock valued at $9,541,000 after purchasing an additional 1,242 shares during the last quarter. Hendley & Co. Inc. acquired a new stake in Packaging Corp Of America during the third quarter valued at $1,482,000. Assenagon Asset Management S.A. acquired a new stake in Packaging Corp Of America during the third quarter valued at $294,000. Finally, Sawtooth Solutions LLC acquired a new stake in Packaging Corp Of America during the third quarter valued at $237,000. 86.73% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the company. Seaport Global Securities assumed coverage on Packaging Corp Of America in a research report on Tuesday, October 23rd. They set a “buy” rating and a $112.00 price objective for the company. Citigroup lifted their price objective on Packaging Corp Of America from $121.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Barclays reduced their price objective on Packaging Corp Of America from $125.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, July 30th. ValuEngine raised 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 Packaging Corp Of America from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $130.00 to $108.00 in a research report on Tuesday, October 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Packaging Corp Of America presently has a consensus rating of “Hold” and a consensus price target of $116.91.
Shares of NYSE:PKG opened at $96.57 on Wednesday. Packaging Corp Of America has a fifty-two week low of $83.54 and a fifty-two week high of $131.13. The stock has a market capitalization of $8.97 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 1.42 and a beta of 1.82. The company has a quick ratio of 1.67, a current ratio of 2.73 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. Packaging Corp Of America had a return on equity of 30.77% and a net margin of 11.54%. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. As a group, analysts predict that Packaging Corp Of America will post 8.01 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 14th were given a $0.79 dividend. The ex-dividend date was Thursday, September 13th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.27%. Packaging Corp Of America’s dividend payout ratio is currently 52.49%.
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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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