Earnest Partners LLC Cuts Stake in Packaging Corporation of America (PKG)

Earnest Partners LLC lessened its position in shares of Packaging Corporation of America (NYSE:PKG) by 4.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 219,341 shares of the industrial products company’s stock after selling 9,455 shares during the period. Earnest Partners LLC owned approximately 0.23% of Packaging Corporation of America worth $24,432,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. BlackRock Inc. grew its position in Packaging Corporation of America by 8,719.3% during the first quarter. BlackRock Inc. now owns 13,344,341 shares of the industrial products company’s stock valued at $1,222,607,000 after acquiring an additional 13,193,032 shares during the period. Vanguard Group Inc. grew its position in Packaging Corporation of America by 2.3% during the second quarter. Vanguard Group Inc. now owns 8,430,256 shares of the industrial products company’s stock valued at $939,046,000 after acquiring an additional 191,348 shares during the period. Bank of New York Mellon Corp grew its position in Packaging Corporation of America by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 4,097,547 shares of the industrial products company’s stock valued at $456,426,000 after acquiring an additional 62,507 shares during the period. State Street Corp boosted its position in shares of Packaging Corporation of America by 1.0% in the second quarter. State Street Corp now owns 3,336,381 shares of the industrial products company’s stock worth $371,683,000 after buying an additional 31,624 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Packaging Corporation of America by 9.8% in the first quarter. Bank of America Corp DE now owns 2,461,352 shares of the industrial products company’s stock worth $225,509,000 after buying an additional 219,410 shares during the period. 88.06% of the stock is owned by hedge funds and other institutional investors.

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.05. Packaging Corporation of America had a net margin of 8.05% and a return on equity of 27.78%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the previous year, the company earned $1.25 earnings per share. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 15th were given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.16%. The ex-dividend date was Thursday, September 14th. Packaging Corporation of America’s dividend payout ratio is 48.56%.

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Several equities research analysts have recently weighed in on the company. Deutsche Bank AG reaffirmed a “hold” rating and issued a $120.00 target price (up previously from $94.00) on shares of Packaging Corporation of America in a research report on Monday, October 9th. Zacks Investment Research raised Packaging Corporation of America from a “hold” rating to a “buy” rating and set a $132.00 price target for the company in a report on Thursday, October 12th. KeyCorp reissued a “hold” rating on shares of Packaging Corporation of America in a report on Thursday, October 12th. Jefferies Group LLC restated a “buy” rating and set a $128.00 price objective (up previously from $114.00) on shares of Packaging Corporation of America in a research note on Friday, July 14th. Finally, BidaskClub cut Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $114.10.

In other Packaging Corporation of America news, VP Thomas A. Hassfurther sold 6,000 shares of Packaging Corporation of America stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $117.94, for a total value of $707,640.00. Following the sale, the vice president now owns 155,071 shares of the company’s stock, valued at $18,289,073.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.20% of the company’s stock.

Packaging Corporation of America Profile

Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers.

Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

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