New York State Common Retirement Fund lowered its stake in Packaging Corp Of America (NYSE:PKG) by 10.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 263,255 shares of the industrial products company’s stock after selling 29,160 shares during the quarter. New York State Common Retirement Fund owned 0.28% of Packaging Corp Of America worth $21,971,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Bach Investment Advisors Ltd purchased a new position in Packaging Corp Of America in the fourth quarter worth $646,000. Macquarie Group Ltd. increased its position in shares of Packaging Corp Of America by 32.2% in the third quarter. Macquarie Group Ltd. now owns 15,600 shares of the industrial products company’s stock valued at $1,712,000 after buying an additional 3,800 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Packaging Corp Of America in the third quarter valued at $262,000. Perella Weinberg Partners Capital Management LP purchased a new position in shares of Packaging Corp Of America in the fourth quarter valued at $2,607,000. Finally, Bank of New York Mellon Corp increased its position in shares of Packaging Corp Of America by 5.9% in the third quarter. Bank of New York Mellon Corp now owns 1,585,600 shares of the industrial products company’s stock valued at $173,925,000 after buying an additional 88,042 shares in the last quarter. 88.96% of the stock is currently owned by hedge funds and other institutional investors.
Get Packaging Corp Of America alerts:PKG opened at $98.34 on Tuesday. The stock has a market capitalization of $9.29 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 1.40 and a beta of 1.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.74 and a current ratio of 2.76. Packaging Corp Of America has a 1 year low of $77.90 and a 1 year high of $124.70.
Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, January 29th. The industrial products company reported $2.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.02. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Packaging Corp Of America had a return on equity of 31.72% and a net margin of 10.52%. On average, analysts expect that Packaging Corp Of America will post 8.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 15th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, March 14th. Packaging Corp Of America’s payout ratio is currently 39.35%.
A number of research analysts have recently weighed in on the company. Zacks Investment Research cut Packaging Corp Of America from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Wells Fargo & Co cut Packaging Corp Of America from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $110.00 to $93.00 in a research report on Wednesday, January 9th. Finally, Citigroup dropped their price target on Packaging Corp Of America from $98.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, January 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $101.00.
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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.
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