New York State Teachers Retirement System lessened its holdings in Packaging Corp Of America (NYSE:PKG) by 1.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 146,180 shares of the industrial products company’s stock after selling 2,000 shares during the period. New York State Teachers Retirement System’s holdings in Packaging Corp Of America were worth $13,934,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Citizens Financial Group Inc RI purchased a new stake in shares of Packaging Corp Of America in the first quarter worth $32,000. Horan Capital Advisors LLC. purchased a new position in Packaging Corp Of America in the 1st quarter worth approximately $41,000. Cullen Frost Bankers Inc. purchased a new position in Packaging Corp Of America in the 1st quarter worth approximately $52,000. Zions Bancorporation N.A. bought a new stake in Packaging Corp Of America in the 1st quarter worth approximately $66,000. Finally, Rockefeller Capital Management L.P. grew its position in Packaging Corp Of America by 287.4% in the 1st quarter. Rockefeller Capital Management L.P. now owns 895 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 664 shares during the period. Institutional investors own 88.80% of the company’s stock.
In other news, SVP Donald R. Shirley sold 5,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $101.48, for a total transaction of $507,400.00. Following the completion of the sale, the senior vice president now owns 12,790 shares of the company’s stock, valued at approximately $1,297,929.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.20% of the company’s stock.
Packaging Corp Of America (NYSE:PKG) last issued its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $2.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.04. Packaging Corp Of America had a net margin of 11.23% and a return on equity of 29.93%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. The company’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, sell-side analysts expect that Packaging Corp Of America will post 7.8 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, June 13th. Packaging Corp Of America’s payout ratio is 39.35%.
A number of research firms have commented on PKG. UBS Group reaffirmed a “sell” rating on shares of in a research report on Monday, June 24th. Stephens set a $100.00 target price on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a research report on Friday, April 26th. Seaport Global Securities downgraded shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating and set a $98.02 target price for the company. in a research report on Friday, July 12th. They noted that the move was a valuation call. KeyCorp lifted their target price on shares of SBA Communications from $215.00 to $252.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price 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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