Mercer Global Advisors Inc. ADV purchased a new position in shares of Packaging Corp Of America (NYSE:PKG) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,029 shares of the industrial products company’s stock, valued at approximately $920,000.
A number of other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new stake in shares of Packaging Corp Of America during the 4th quarter valued at about $81,767,000. Millennium Management LLC grew its position in Packaging Corp Of America by 902.6% in the 4th quarter. Millennium Management LLC now owns 1,024,962 shares of the industrial products company’s stock worth $85,543,000 after purchasing an additional 922,736 shares during the last quarter. JPMorgan Chase & Co. grew its position in Packaging Corp Of America by 694.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 971,659 shares of the industrial products company’s stock worth $106,582,000 after purchasing an additional 849,363 shares during the last quarter. LSV Asset Management grew its position in Packaging Corp Of America by 65.7% in the 4th quarter. LSV Asset Management now owns 1,964,742 shares of the industrial products company’s stock worth $163,977,000 after purchasing an additional 778,926 shares during the last quarter. Finally, Hamlin Capital Management LLC bought a new position in Packaging Corp Of America in the 4th quarter worth about $35,842,000. 86.93% of the stock is owned by hedge funds and other institutional investors.
Packaging Corp Of America stock opened at $97.94 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 3.05 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $9.59 billion, a PE ratio of 12.20, a P/E/G ratio of 1.45 and a beta of 1.81. Packaging Corp Of America has a 12-month low of $77.90 and a 12-month high of $124.70.
Packaging Corp Of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, January 29th. The industrial products company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.02. The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Packaging Corp Of America had a net margin of 10.52% and a return on equity of 30.83%. As a group, sell-side analysts anticipate that Packaging Corp Of America will post 8.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Thursday, March 14th. Packaging Corp Of America’s dividend payout ratio (DPR) is presently 39.35%.
Several research analysts have commented on PKG shares. Zacks Investment Research upgraded shares of Packaging Corp Of America from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research report on Monday, December 31st. Bank of America restated a “buy” rating and issued a $112.00 target price (up previously from $105.00) on shares of Packaging Corp Of America in a research report on Friday, April 5th. ValuEngine upgraded shares of Packaging Corp Of America from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th. Wells Fargo & Co cut shares of Packaging Corp Of America from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $110.00 to $93.00 in a research report on Wednesday, January 9th. Finally, Citigroup decreased their target price on shares of Packaging Corp Of America from $98.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, January 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $102.22.
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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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