Sumitomo Mitsui Trust Group Inc. Sells 4,349 Shares of Packaging Corporation of America $PKG

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Packaging Corporation of America (NYSE:PKG) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 206,893 shares of the industrial products company’s stock after selling 4,349 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Packaging Corporation of America were worth $47,432,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Packaging Corporation of America during the third quarter valued at about $5,095,000. ProShare Advisors LLC boosted its stake in Packaging Corporation of America by 1.7% in the third quarter. ProShare Advisors LLC now owns 16,980 shares of the industrial products company’s stock worth $3,893,000 after purchasing an additional 290 shares in the last quarter. Vise Technologies Inc. lifted its holdings in Packaging Corporation of America by 10.5% during the 3rd quarter. Vise Technologies Inc. now owns 12,017 shares of the industrial products company’s stock worth $2,755,000 after buying an additional 1,137 shares in the last quarter. Moss Adams Wealth Advisors LLC bought a new position in shares of Packaging Corporation of America in the 3rd quarter valued at about $205,000. Finally, MGO One Seven LLC grew its stake in shares of Packaging Corporation of America by 3.0% during the third quarter. MGO One Seven LLC now owns 3,955 shares of the industrial products company’s stock worth $907,000 after purchasing an additional 117 shares during the period. 89.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Packaging Corporation of America

In other news, President Thomas Hassfurther sold 7,063 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $254.00, for a total value of $1,794,002.00. Following the completion of the sale, the president directly owned 202,891 shares in the company, valued at approximately $51,534,314. The trade was a 3.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald Shirley sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the transaction, the vice president owned 19,110 shares in the company, valued at $4,791,068.10. This represents a 38.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Packaging Corporation of America Stock Performance

NYSE PKG opened at $259.33 on Thursday. The stock has a market capitalization of $23.11 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 1.92 and a beta of 0.76. The stock has a 50-day moving average of $237.98 and a 200 day moving average of $230.03. Packaging Corporation of America has a twelve month low of $191.50 and a twelve month high of $262.59. The company has a current ratio of 2.94, a quick ratio of 1.86 and a debt-to-equity ratio of 0.85.

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.11. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Packaging Corporation of America had a return on equity of 19.63% and a net margin of 7.40%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.73 earnings per share. Sell-side analysts anticipate that Packaging Corporation of America will post 10.56 EPS for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Packaging Corporation of America’s payout ratio is currently 73.89%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Packaging Corporation of America from $320.00 to $322.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Bank of America reduced their price target on shares of 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. Citigroup increased their price objective on Packaging Corporation of America from $253.00 to $262.00 and gave the company a “neutral” rating in a report on Monday, October 26th. Weiss Ratings upgraded Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, October 27th. Finally, Wells Fargo & Company reduced their price target on Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.43.

Packaging Corporation of America Profile

Packaging Corporation of America (NYSE:PKG) is a manufacturer of corrugated packaging and containerboard products serving businesses primarily in the United States. Its products include shipping boxes, retail packaging, displays, protective packaging and specialty corrugated solutions used to transport and present a broad range of consumer and industrial goods.

The company also produces uncoated freesheet paper and related paper products for commercial printing, office use, publishing, converting and other applications.