Commerce Bank Trims Stake in Packaging Corporation of America (PKG)

Commerce Bank lessened its holdings in shares of Packaging Corporation of America (NYSE:PKG) by 4.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,118 shares of the industrial products company’s stock after selling 3,668 shares during the quarter. Commerce Bank owned about 0.09% of Packaging Corporation of America worth $9,417,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in Packaging Corporation of America in the third quarter valued at approximately $14,544,000. State Street Corp raised its holdings in 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 valued at $371,683,000 after acquiring an additional 31,624 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in Packaging Corporation of America by 23.5% in the second quarter. TIAA CREF Investment Management LLC now owns 565,067 shares of the industrial products company’s stock valued at $62,943,000 after acquiring an additional 107,348 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Packaging Corporation of America by 4.7% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 227,694 shares of the industrial products company’s stock valued at $25,363,000 after acquiring an additional 10,141 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Packaging Corporation of America by 2.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 293,576 shares of the industrial products company’s stock valued at $32,701,000 after acquiring an additional 7,705 shares in the last quarter. 88.02% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have weighed in on PKG shares. BMO Capital Markets reissued an “outperform” rating and set a $122.00 price objective (up previously from $118.00) on shares of Packaging Corporation of America in a report on Tuesday, August 22nd. Jefferies Group LLC reissued a “buy” rating and set a $128.00 price objective on shares of Packaging Corporation of America in a report on Friday, August 18th. BidaskClub raised shares of Packaging Corporation of America from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Barclays PLC raised their price objective on shares of Packaging Corporation of America from $108.00 to $110.00 and gave the stock an “equal weight” rating in a report on Monday, October 30th. Finally, Vertical Research reissued a “buy” rating and set a $124.00 price objective (up previously from $118.00) on shares of Packaging Corporation of America in a report on Wednesday, August 23rd. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $117.36.

In other Packaging Corporation of America news, SVP Charles J. Carter sold 6,150 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $117.04, for a total value of $719,796.00. Following the completion of the sale, the senior vice president now owns 24,265 shares of the company’s stock, valued at $2,839,975.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Thomas A. Hassfurther sold 6,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $117.94, for a total value of $707,640.00. Following the completion of the sale, the vice president now directly owns 155,071 shares of the company’s stock, valued at approximately $18,289,073.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,177 shares of company stock worth $2,129,972. 1.20% of the stock is currently owned by insiders.

Packaging Corporation of America (NYSE:PKG) traded up $0.02 during trading hours on Friday, reaching $111.87. 632,300 shares of the company were exchanged, compared to its average volume of 902,267. Packaging Corporation of America has a 1 year low of $84.01 and a 1 year high of $120.75. The company has a current ratio of 2.45, a quick ratio of 1.49 and a debt-to-equity ratio of 1.30. The stock has a market cap of $10,510.00, a price-to-earnings ratio of 19.62, a price-to-earnings-growth ratio of 2.24 and a beta of 1.82.

Packaging Corporation of America (NYSE:PKG) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.01). Packaging Corporation of America had a net margin of 8.18% and a return on equity of 29.38%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter last year, the business earned $1.30 earnings per share. The business’s quarterly revenue was up 10.5% on a year-over-year basis. equities research analysts anticipate that Packaging Corporation of America will post 5.99 earnings per share for the current year.

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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.

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

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