Packaging Corp Of America (PKG) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its position in shares of Packaging Corp Of America (NYSE:PKG) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 47,092 shares of the industrial products company’s stock after purchasing an additional 852 shares during the quarter. Arizona State Retirement System’s holdings in Packaging Corp Of America were worth $5,166,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of PKG. LPL Financial LLC increased its position in shares of Packaging Corp Of America by 66.7% during the 1st quarter. LPL Financial LLC now owns 9,647 shares of the industrial products company’s stock valued at $1,087,000 after purchasing an additional 3,859 shares during the period. Allianz Asset Management GmbH increased its position in shares of Packaging Corp Of America by 7.0% during the 1st quarter. Allianz Asset Management GmbH now owns 425,333 shares of the industrial products company’s stock valued at $47,935,000 after purchasing an additional 27,769 shares during the period. Suntrust Banks Inc. increased its position in shares of Packaging Corp Of America by 14.9% during the 1st quarter. Suntrust Banks Inc. now owns 3,772 shares of the industrial products company’s stock valued at $424,000 after purchasing an additional 490 shares during the period. DnB Asset Management AS increased its position in shares of Packaging Corp Of America by 6.3% during 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. Finally, IFM Investors Pty Ltd increased its position in shares of Packaging Corp Of America by 38.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 4,390 shares of the industrial products company’s stock valued at $491,000 after purchasing an additional 1,219 shares during the period. Institutional investors own 86.73% of the company’s stock.

Shares of NYSE PKG opened at $96.57 on Wednesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.67 and a current ratio of 2.73. The firm has a market capitalization of $8.97 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.42 and a beta of 1.82. Packaging Corp Of America has a 52-week low of $83.54 and a 52-week high of $131.13.

Packaging Corp Of America (NYSE:PKG) last issued its earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Packaging Corp Of America had a return on equity of 30.77% and a net margin of 11.54%. As a group, research analysts expect that Packaging Corp Of America will post 8.01 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 14th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Thursday, September 13th. Packaging Corp Of America’s payout ratio is 52.49%.

Several equities analysts have recently issued reports on the company. ValuEngine upgraded Packaging Corp Of America from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 31st. Barclays lowered their price target on Packaging Corp Of America from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, October 29th. Deutsche Bank set a $120.00 price target on Packaging Corp Of America and gave the company a “hold” rating in a research report on Monday, October 29th. Argus lowered their price target on Packaging Corp Of America from $130.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Finally, Wells Fargo & Co lowered their price target on Packaging Corp Of America from $140.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $116.91.

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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.

Further Reading: Do You Need a Fiduciary?

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Institutional Ownership by Quarter for Packaging Corp Of America (NYSE:PKG)

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