Tradition Capital Management LLC raised its holdings in Packaging Corp Of America (NYSE:PKG) by 29.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 54,866 shares of the industrial products company’s stock after buying an additional 12,409 shares during the quarter. Packaging Corp Of America makes up about 1.5% of Tradition Capital Management LLC’s holdings, making the stock its 22nd largest position. Tradition Capital Management LLC’s holdings in Packaging Corp Of America were worth $5,452,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Hancock Whitney Corp increased its stake in shares of Packaging Corp Of America by 6.1% in the fourth quarter. Hancock Whitney Corp now owns 3,768 shares of the industrial products company’s stock worth $314,000 after purchasing an additional 217 shares in the last quarter. Bach Investment Advisors Ltd bought a new stake in Packaging Corp Of America during the 4th quarter valued at $646,000. Norges Bank bought a new stake in Packaging Corp Of America during the 4th quarter valued at $81,767,000. Perella Weinberg Partners Capital Management LP bought a new stake in Packaging Corp Of America during the 4th quarter valued at $2,607,000. Finally, LPL Financial LLC raised its holdings in Packaging Corp Of America by 22.6% during the 4th quarter. LPL Financial LLC now owns 14,032 shares of the industrial products company’s stock valued at $1,171,000 after buying an additional 2,582 shares during the last quarter. 87.22% of the stock is currently owned by hedge funds and other institutional investors.
PKG has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. ValuEngine upgraded shares of Packaging Corp Of America from a “sell” rating to a “hold” rating in a report on Tuesday, March 5th. Stephens lowered shares of Packaging Corp Of America from an “overweight” rating to an “equal weight” rating and set a $100.00 price target for the company. in a report on Friday, April 26th. Bank of America lowered shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating in a report on Tuesday, April 16th. Finally, KeyCorp reiterated a “hold” rating on shares of Packaging Corp Of America in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $102.64.
Packaging Corp Of America stock traded up $0.29 during trading hours on Wednesday, hitting $97.47. 124,636 shares of the stock traded hands, compared to its average volume of 805,578. Packaging Corp Of America has a one year low of $77.90 and a one year high of $124.70. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.93 and a current ratio of 3.05. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 2.36 and a beta of 1.77.
Packaging Corp Of America (NYSE:PKG) last released its earnings results on Wednesday, April 24th. The industrial products company reported $1.98 EPS for the quarter, beating the Zacks’ consensus estimate of $1.96 by $0.02. Packaging Corp Of America had a return on equity of 30.86% and a net margin of 11.12%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the business posted $1.55 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts predict that Packaging Corp Of America will post 8.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $3.16 annualized dividend and a yield of 3.24%. Packaging Corp Of America’s payout ratio is 39.35%.
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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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