Santa Barbara Asset Management LLC Purchases 2,908 Shares of Packaging Corp Of America (PKG)

Santa Barbara Asset Management LLC increased its position in Packaging Corp Of America (NYSE:PKG) by 0.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,342,380 shares of the industrial products company’s stock after buying an additional 2,908 shares during the quarter. Packaging Corp Of America accounts for 2.5% of Santa Barbara Asset Management LLC’s portfolio, making the stock its 18th largest position. Santa Barbara Asset Management LLC owned about 1.42% of Packaging Corp Of America worth $153,944,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Packaging Corp Of America by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 8,430,256 shares of the industrial products company’s stock worth $939,046,000 after buying an additional 191,348 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Packaging Corp Of America by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,097,547 shares of the industrial products company’s stock worth $456,426,000 after buying an additional 62,507 shares during the last quarter. State Street Corp lifted its position in Packaging Corp Of America by 1.0% in the 2nd 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 last quarter. Wells Fargo & Company MN lifted its position in Packaging Corp Of America by 4.1% in the 2nd quarter. Wells Fargo & Company MN now owns 2,459,871 shares of the industrial products company’s stock worth $274,005,000 after buying an additional 96,282 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in Packaging Corp Of America by 17.9% in the 3rd quarter. First Eagle Investment Management LLC now owns 2,100,096 shares of the industrial products company’s stock worth $240,839,000 after buying an additional 319,452 shares during the last quarter. Institutional investors own 90.24% of the company’s stock.

Shares of Packaging Corp Of America (NYSE PKG) traded down $1.15 during mid-day trading on Wednesday, reaching $117.76. The company’s stock had a trading volume of 670,000 shares, compared to its average volume of 889,989. The company has a quick ratio of 1.49, a current ratio of 2.45 and a debt-to-equity ratio of 1.30. Packaging Corp Of America has a 12-month low of $84.01 and a 12-month high of $120.75. The company has a market capitalization of $11,219.22, a P/E ratio of 20.86, a P/E/G ratio of 2.38 and a beta of 1.81.

Packaging Corp Of America (NYSE:PKG) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.01). The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.64 billion. Packaging Corp Of America had a net margin of 8.18% and a return on equity of 29.38%. Packaging Corp Of America’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 EPS. equities analysts forecast that Packaging Corp Of America will post 5.99 EPS for the current year.

PKG has been the subject of several recent research reports. Jefferies Group reiterated a “buy” rating and issued a $128.00 price objective on shares of Packaging Corp Of America in a research report on Friday, August 18th. BMO Capital Markets reiterated an “outperform” rating and issued a $122.00 price objective (up previously from $118.00) on shares of Packaging Corp Of America in a research report on Tuesday, August 22nd. Vertical Research reiterated a “buy” rating and issued a $124.00 price objective (up previously from $118.00) on shares of Packaging Corp Of America in a research report on Wednesday, August 23rd. Deutsche Bank reiterated a “hold” rating and issued a $120.00 price objective (up previously from $94.00) on shares of Packaging Corp Of America in a research report on Monday, October 9th. Finally, Zacks Investment Research upgraded Packaging Corp Of America from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research report on Thursday, October 12th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Packaging Corp Of America presently has a consensus rating of “Hold” and a consensus price target of $117.36.

In related news, SVP Thomas W.H. Walton sold 6,027 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $116.15, for a total transaction of $700,036.05. Following the completion of the transaction, the senior vice president now owns 32,690 shares in the company, valued at $3,796,943.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jason Wayne Moreau bought 1,326,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were acquired at an average price of $0.06 per share, with a total value of $79,560.00. In the last 90 days, insiders have sold 73,177 shares of company stock valued at $2,135,172. 1.20% of the stock is owned by corporate insiders.

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About Packaging Corp 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 Corp Of America (NYSE:PKG)

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