State Street Corp Increases Holdings in Packaging Corporation of America (PKG)

State Street Corp raised its position in shares of Packaging Corporation of America (NYSE:PKG) by 1.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,336,381 shares of the industrial products company’s stock after purchasing an additional 31,624 shares during the period. State Street Corp owned 3.56% of Packaging Corporation of America worth $371,683,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Colonial Trust Advisors bought a new position in Packaging Corporation of America during the second quarter valued at $1,232,000. Janus Henderson Group PLC grew its holdings in Packaging Corporation of America by 6,234.6% during the second quarter. Janus Henderson Group PLC now owns 597,731 shares of the industrial products company’s stock valued at $66,587,000 after purchasing an additional 588,295 shares during the period. Southeast Asset Advisors Inc. grew its holdings in Packaging Corporation of America by 0.3% during the second quarter. Southeast Asset Advisors Inc. now owns 4,560 shares of the industrial products company’s stock valued at $508,000 after purchasing an additional 12 shares during the period. Shelton Capital Management bought a new position in Packaging Corporation of America during the second quarter valued at $785,000. Finally, Flinton Capital Management LLC grew its holdings in Packaging Corporation of America by 58.0% during the second quarter. Flinton Capital Management LLC now owns 31,216 shares of the industrial products company’s stock valued at $3,477,000 after purchasing an additional 11,456 shares during the period. 88.18% of the stock is owned by institutional investors and hedge funds.

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In other news, VP Thomas A. Hassfurther sold 6,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $117.94, for a total transaction of $707,640.00. Following the completion of the sale, the vice president now owns 155,071 shares of the company’s stock, valued at approximately $18,289,073.74. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.20% of the company’s stock.

Shares of Packaging Corporation of America (PKG) opened at 115.69 on Friday. Packaging Corporation of America has a 52-week low of $78.03 and a 52-week high of $119.43. The firm’s 50 day moving average price is $115.04 and its 200 day moving average price is $106.58. The stock has a market cap of $10.83 billion, a P/E ratio of 22.29 and a beta of 1.83.

Packaging Corporation of America (NYSE:PKG) last issued its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.05. Packaging Corporation of America had a net margin of 8.05% and a return on equity of 27.78%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts expect that Packaging Corporation of America will post $6.04 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 15th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Thursday, September 14th. Packaging Corporation of America’s payout ratio is 48.56%.

PKG has been the subject of several research reports. BidaskClub lowered Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. KeyCorp began coverage on Packaging Corporation of America in a research report on Thursday, July 6th. They set a “sector weight” rating on the stock. BMO Capital Markets increased their target price on Packaging Corporation of America from $104.00 to $118.00 and gave the stock an “outperform” rating in a research report on Friday, June 30th. Wells Fargo & Company downgraded Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a research report on Monday, July 10th. Finally, Jefferies Group LLC restated a “buy” rating and set a $128.00 target price (up previously from $114.00) on shares of Packaging Corporation of America in a research report on Friday, July 14th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $114.10.

Packaging Corporation of America Profile

Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers.

Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

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