Packaging Corp Of America (NYSE:PKG) Stake Lessened by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in Packaging Corp Of America (NYSE:PKG) by 1.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 447,326 shares of the industrial products company’s stock after selling 6,428 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.47% of Packaging Corp Of America worth $44,643,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PKG. Norges Bank bought a new stake in Packaging Corp Of America during the fourth quarter valued at $114,083,000. JPMorgan Chase & Co. increased its stake in Packaging Corp Of America by 38.1% during the first quarter. JPMorgan Chase & Co. now owns 3,470,427 shares of the industrial products company’s stock valued at $301,337,000 after purchasing an additional 957,767 shares during the last quarter. Eaton Vance Management increased its stake in Packaging Corp Of America by 68.2% during the first quarter. Eaton Vance Management now owns 784,575 shares of the industrial products company’s stock valued at $68,466,000 after purchasing an additional 318,258 shares during the last quarter. Capital World Investors increased its stake in Packaging Corp Of America by 5.0% during the first quarter. Capital World Investors now owns 4,777,156 shares of the industrial products company’s stock valued at $414,800,000 after purchasing an additional 228,015 shares during the last quarter. Finally, Balyasny Asset Management LLC bought a new stake in Packaging Corp Of America during the first quarter valued at $13,631,000. Institutional investors and hedge funds own 89.12% of the company’s stock.

Several analysts have weighed in on PKG shares. KeyCorp lowered their target price on shares of Packaging Corp Of America from $89.00 to $79.00 and set an “underweight” rating for the company in a research note on Thursday, April 9th. They noted that the move was a valuation call. Bank of America upgraded shares of Packaging Corp Of America from a “neutral” rating to a “buy” rating and set a $117.00 target price for the company in a research note on Thursday, July 16th. TheStreet upgraded shares of Packaging Corp Of America from a “c+” rating to a “b-” rating in a research note on Tuesday, June 2nd. Deutsche Bank reduced their price target on shares of Packaging Corp Of America from $115.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 26th. Finally, Wells Fargo & Co reduced their price target on shares of Packaging Corp Of America from $95.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Packaging Corp Of America currently has a consensus rating of “Hold” and an average target price of $103.58.

PKG stock opened at $96.12 on Friday. The company has a market capitalization of $9.32 billion, a P/E ratio of 17.80, a PEG ratio of 3.76 and a beta of 1.26. The company has a 50-day simple moving average of $100.01 and a 200 day simple moving average of $96.33. Packaging Corp Of America has a fifty-two week low of $71.05 and a fifty-two week high of $114.78. The company has a quick ratio of 2.42, a current ratio of 3.51 and a debt-to-equity ratio of 0.85.

Packaging Corp Of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.62 billion. Packaging Corp Of America had a net margin of 7.65% and a return on equity of 20.07%. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 earnings per share. Equities analysts anticipate that Packaging Corp Of America will post 5.23 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.29%. The ex-dividend date was Friday, June 12th. Packaging Corp Of America’s payout ratio is currently 41.31%.

Packaging Corp Of America 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.

Recommended Story: Range Trading

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

Receive News & Ratings for Packaging Corp Of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Corp Of America and related companies with MarketBeat.com's FREE daily email newsletter.