Packaging Corporation of America $PKG Stock Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in shares of Packaging Corporation of America (NYSE:PKG) by 30.0% in the third quarter, Holdings Channel.com reports. The fund owned 148,533 shares of the industrial products company’s stock after selling 63,612 shares during the period. Retirement Systems of Alabama’s holdings in Packaging Corporation of America were worth $34,053,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Packaging Corporation of America during the 2nd quarter worth approximately $1,837,506,000. Bank of New York Mellon Corp acquired a new stake in shares of Packaging Corporation of America in the 2nd quarter worth approximately $748,095,000. Royal Bank of Canada increased its stake in Packaging Corporation of America by 25.2% in the 1st quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company’s stock valued at $492,990,000 after purchasing an additional 467,590 shares in the last quarter. Bank of America Corp DE purchased a new position in Packaging Corporation of America in the 2nd quarter valued at approximately $379,568,000. Finally, Atlas FRM LLC purchased a new position in Packaging Corporation of America in the 2nd quarter valued at approximately $365,164,100. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Down 0.1%

PKG stock opened at $254.07 on Wednesday. The company’s 50 day simple moving average is $238.80 and its 200-day simple moving average is $230.68. The firm has a market capitalization of $22.64 billion, a PE ratio of 31.29, a P/E/G ratio of 1.92 and a beta of 0.76. Packaging Corporation of America has a 12 month low of $191.50 and a 12 month high of $262.59. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.87 and a quick ratio of 1.82.

Packaging Corporation of America (NYSE:PKG) last issued its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.93 by $0.11. Packaging Corporation of America had a net margin of 7.40% and a return on equity of 19.43%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period last year, the company posted $2.73 EPS. The company’s revenue was up 12.5% on a year-over-year basis. Equities analysts expect that Packaging Corporation of America will post 10.56 earnings per share for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Tuesday, September 15th. Packaging Corporation of America’s dividend payout ratio is 73.89%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PKG shares. Citigroup lifted their price objective on Packaging Corporation of America from $253.00 to $262.00 and gave the stock a “neutral” rating in a report on Monday, October 26th. JPMorgan Chase & Co. upped their target price on Packaging Corporation of America from $320.00 to $322.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Bank of America dropped their price target on Packaging Corporation of America from $280.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, September 11th. Wall Street Zen raised Packaging Corporation of America from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Wells Fargo & Company cut their price target on Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $275.43.

Insider Buying and Selling

In other Packaging Corporation of America news, VP Donald Shirley sold 12,000 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the completion of the transaction, the vice president owned 19,110 shares of the company’s stock, valued at approximately $4,791,068.10. This trade represents a 38.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

About Packaging Corporation of America

Packaging Corporation of America (PCA) manufactures containerboard and corrugated packaging. Its packaging products include shipping boxes, retail displays and other protective packaging used to move and present goods. The company operates mills that produce containerboard and facilities that convert it into corrugated products. PCA also makes and sells paper products, including communication and specialty papers. Founded in 1999 as a spin-off from Tenneco, PCA is based in Lake Forest, Illinois, and serves customers primarily in the United States through a network of mills and packaging plants.