Packaging Corporation of America (PKG) Stake Lifted by Axa

AXA raised its holdings in shares of Packaging Corporation of America (NYSE:PKG) by 77.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 254,400 shares of the industrial products company’s stock after buying an additional 111,300 shares during the period. AXA owned about 0.27% of Packaging Corporation of America worth $28,338,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PKG. BlackRock Inc. lifted its position in shares of Packaging Corporation of America by 8,719.3% in the 1st 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 in the last quarter. Iridian Asset Management LLC CT lifted its position in Packaging Corporation of America by 2,657.5% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,378,725 shares of the industrial products company’s stock worth $126,319,000 after buying an additional 1,328,725 shares in the last quarter. American Century Companies Inc. purchased a new stake in Packaging Corporation of America in the 2nd quarter worth approximately $59,914,000. Vanguard Group Inc. lifted its position in Packaging Corporation of America by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 8,238,908 shares of the industrial products company’s stock worth $754,848,000 after buying an additional 445,345 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Packaging Corporation of America in the 1st quarter worth approximately $35,656,000. Hedge funds and other institutional investors own 88.59% of the company’s stock.

PKG has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. ValuEngine upgraded shares of Packaging Corporation of America from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BMO Capital Markets reiterated a “buy” rating and issued a $104.00 target price on shares of Packaging Corporation of America in a research report on Friday, June 2nd. KeyCorp assumed coverage on shares of Packaging Corporation of America in a research note on Thursday, July 6th. They set a “sector weight” rating on the stock. Finally, Wells Fargo & Company lowered shares of Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a research note on Monday, July 10th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Packaging Corporation of America currently has an average rating of “Hold” and a consensus target price of $107.90.

Packaging Corporation of America (NYSE PKG) traded up 0.07% during mid-day trading on Friday, reaching $115.88. 2,177,654 shares of the company’s stock traded hands. The firm has a 50 day moving average of $110.99 and a 200 day moving average of $103.15. Packaging Corporation of America has a 1-year low of $78.03 and a 1-year high of $118.97. The firm has a market cap of $10.85 billion, a PE ratio of 22.33 and a beta of 1.86.

Packaging Corporation of America (NYSE:PKG) last released its earnings results on Wednesday, July 26th. The industrial products company reported $1.52 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.05. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 EPS. Analysts forecast that Packaging Corporation of America will post $6.02 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Thursday, September 14th. Packaging Corporation of America’s payout ratio is 48.56%.

ILLEGAL ACTIVITY WARNING: “Packaging Corporation of America (PKG) Stake Lifted by Axa” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this news story on another domain, it was stolen and reposted in violation of US & international trademark & copyright law. The original version of this news story can be accessed at https://ledgergazette.com/2017/09/16/axa-has-28-34-million-position-in-packaging-corporation-of-america-pkg.html.

In other news, VP Thomas A. Hassfurther sold 6,000 shares of Packaging Corporation of America stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $117.94, for a total transaction of $707,640.00. Following the sale, the vice president now directly owns 155,071 shares in the company, valued at approximately $18,289,073.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.20% of the company’s stock.

About Packaging Corporation of America

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)

Receive News & Ratings for Packaging Corporation of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Corporation of America and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply