Great Lakes Advisors LLC Sells 17,594 Shares of Packaging Co. of America (NYSE:PKG)

Great Lakes Advisors LLC trimmed its stake in shares of Packaging Co. of America (NYSE:PKG) by 90.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,795 shares of the industrial products company’s stock after selling 17,594 shares during the quarter. Great Lakes Advisors LLC’s holdings in Packaging Co. of America were worth $241,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its position in Packaging Co. of America by 10.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,425,388 shares of the industrial products company’s stock worth $1,575,675,000 after purchasing an additional 1,101,854 shares during the period. BlackRock Inc. boosted its position in Packaging Co. of America by 1.4% during the fourth quarter. BlackRock Inc. now owns 7,935,869 shares of the industrial products company’s stock worth $1,094,433,000 after purchasing an additional 108,550 shares during the period. JPMorgan Chase & Co. boosted its position in Packaging Co. of America by 2.4% during the fourth quarter. JPMorgan Chase & Co. now owns 3,324,490 shares of the industrial products company’s stock worth $458,480,000 after purchasing an additional 76,976 shares during the period. Maj Invest Holding A S boosted its position in Packaging Co. of America by 52.7% during the fourth quarter. Maj Invest Holding A S now owns 2,846,795 shares of the industrial products company’s stock worth $392,601,000 after purchasing an additional 982,598 shares during the period. Finally, Norges Bank bought a new stake in shares of Packaging Co. of America in the fourth quarter valued at about $147,713,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

PKG opened at $155.13 on Tuesday. Packaging Co. of America has a twelve month low of $90.86 and a twelve month high of $156.54. The company has a 50-day simple moving average of $143.72 and a 200 day simple moving average of $136.50. The company has a quick ratio of 2.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $14.74 billion, a price-to-earnings ratio of 31.21, a P/E/G ratio of 4.14 and a beta of 1.07.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Sunday, April 25th. The industrial products company reported $1.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.48 by $0.29. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.71 billion. Packaging Co. of America had a return on equity of 18.67% and a net margin of 7.11%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.50 earnings per share. Sell-side analysts anticipate that Packaging Co. of America will post 5.84 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Tuesday, June 15th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.58%. The ex-dividend date is Monday, June 14th. Packaging Co. of America’s payout ratio is 52.29%.

A number of brokerages have recently issued reports on PKG. BMO Capital Markets boosted their target price on shares of Packaging Co. of America from $140.00 to $150.00 and gave the company a “market perform” rating in a research report on Wednesday, April 28th. Wells Fargo & Company boosted their target price on shares of Packaging Co. of America from $135.00 to $145.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 4th. Morgan Stanley boosted their target price on shares of Packaging Co. of America from $131.00 to $140.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Packaging Co. of America from $128.00 to $135.00 and gave the company a “hold” rating in a research report on Monday, April 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $137.20.

In other Packaging Co. of America news, SVP Charles J. Carter sold 9,161 shares of the business’s stock in a transaction dated Tuesday, May 11th. The stock was sold at an average price of $154.57, for a total transaction of $1,416,015.77. Following the completion of the transaction, the senior vice president now owns 39,572 shares of the company’s stock, valued at $6,116,644.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by insiders.

Packaging Co. of America Company Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through Packaging and Paper segments. The Packaging segment offers various containerboard and 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, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.

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

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