New Mexico Educational Retirement Board cut its stake in Packaging Corp Of America (NYSE:PKG) by 2.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,700 shares of the industrial products company’s stock after selling 200 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Packaging Corp Of America were worth $734,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PKG. Parallel Advisors LLC increased its holdings in shares of Packaging Corp Of America by 774.2% in the 2nd quarter. Parallel Advisors LLC now owns 271 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 240 shares during the period. Citizens Financial Group Inc RI purchased a new position in shares of Packaging Corp Of America in the 1st quarter valued at $32,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Packaging Corp Of America in the 2nd quarter valued at $35,000. Cullen Frost Bankers Inc. purchased a new position in shares of Packaging Corp Of America in the 1st quarter valued at $52,000. Finally, Zions Bancorporation N.A. purchased a new position in shares of Packaging Corp Of America in the 1st quarter valued at $66,000. Institutional investors and hedge funds own 86.08% of the company’s stock.
In other Packaging Corp Of America news, SVP Thomas W.H. Walton sold 6,000 shares of Packaging Corp Of America stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $100.17, for a total transaction of $601,020.00. Following the completion of the sale, the senior vice president now owns 34,118 shares of the company’s stock, valued at approximately $3,417,600.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Donald R. Shirley sold 5,000 shares of Packaging Corp Of America stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $101.48, for a total value of $507,400.00. Following the sale, the senior vice president now directly owns 12,790 shares of the company’s stock, valued at approximately $1,297,929.20. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
Packaging Corp Of America (NYSE:PKG) last announced its earnings results on Wednesday, July 24th. The industrial products company reported $2.04 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.04. Packaging Corp Of America had a return on equity of 29.23% and a net margin of 11.23%. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the business earned $2.08 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts expect that Packaging Corp Of America will post 7.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a dividend of $0.79 per share. The ex-dividend date is Thursday, September 12th. This represents a $3.16 annualized dividend and a yield of 3.25%. Packaging Corp Of America’s dividend payout ratio (DPR) is 39.35%.
PKG has been the topic of several research analyst reports. UBS Group set a $106.00 target price on Packaging Corp Of America and gave the stock a “buy” rating in a research note on Monday, June 24th. ValuEngine upgraded Packaging Corp Of America from a “hold” rating to a “buy” rating in a research note on Tuesday, August 6th. Seaport Global Securities downgraded Packaging Corp Of America from a “buy” rating to a “neutral” rating and set a $98.02 target price on the stock. in a research note on Friday, July 12th. They noted that the move was a valuation call. Finally, KeyCorp downgraded Packaging Corp Of America from a “sector weight” rating to an “underweight” rating and set a $89.00 target price on the stock. in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $100.09.
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.
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