Comerica Securities Inc. Decreases Stake in Packaging Corp Of America (PKG)

Comerica Securities Inc. cut its holdings in Packaging Corp Of America (NYSE:PKG) by 13.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,140 shares of the industrial products company’s stock after selling 1,292 shares during the period. Comerica Securities Inc.’s holdings in Packaging Corp Of America were worth $899,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of PKG. DnB Asset Management AS lifted its stake in shares of Packaging Corp Of America by 6.3% in the 2nd quarter. DnB Asset Management AS now owns 11,900 shares of the industrial products company’s stock valued at $1,330,000 after purchasing an additional 700 shares during the period. IFM Investors Pty Ltd raised its stake in Packaging Corp Of America by 38.4% during the second quarter. IFM Investors Pty Ltd now owns 4,390 shares of the industrial products company’s stock valued at $491,000 after buying an additional 1,219 shares during the last quarter. CENTRAL TRUST Co raised its stake in Packaging Corp Of America by 24.9% during the second quarter. CENTRAL TRUST Co now owns 7,188 shares of the industrial products company’s stock valued at $804,000 after buying an additional 1,432 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Packaging Corp Of America by 16.9% during the second quarter. State of Alaska Department of Revenue now owns 34,290 shares of the industrial products company’s stock valued at $3,831,000 after buying an additional 4,950 shares during the last quarter. Finally, Handelsbanken Fonder AB purchased a new position in Packaging Corp Of America during the second quarter valued at $453,000. 86.73% of the stock is owned by institutional investors and hedge funds.

PKG stock opened at $97.61 on Friday. Packaging Corp Of America has a 1-year low of $83.54 and a 1-year high of $131.13. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.73 and a quick ratio of 1.67. The firm has a market capitalization of $9.13 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 1.45 and a beta of 1.82.

Packaging Corp Of America (NYSE:PKG) last posted its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. As a group, research analysts anticipate that Packaging Corp Of America will post 8.01 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 14th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Thursday, September 13th. Packaging Corp Of America’s dividend payout ratio is currently 52.49%.

A number of research analysts have issued reports on PKG shares. Argus lowered their price objective on Packaging Corp Of America from $130.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Seaport Global Securities started coverage on Packaging Corp Of America in a research note on Tuesday, October 23rd. They set a “buy” rating and a $112.00 price objective for the company. Barclays lowered 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 note on Monday, July 30th. ValuEngine upgraded Packaging Corp Of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, KeyCorp reiterated a “hold” rating on shares of Packaging Corp Of America in a research note on Thursday, October 25th. 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. The stock presently has a consensus rating of “Hold” and a consensus price target 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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Institutional Ownership by Quarter for Packaging Corp Of America (NYSE:PKG)

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