Royal Bank of Canada lessened its stake in Packaging Corp Of America (NYSE:PKG) by 14.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 302,735 shares of the industrial products company’s stock after selling 51,306 shares during the period. Royal Bank of Canada owned about 0.32% of Packaging Corp Of America worth $34,116,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Certified Advisory Corp bought a new stake in shares of Packaging Corp Of America in the 1st quarter valued at about $101,000. Dumont & Blake Investment Advisors LLC bought a new stake in shares of Packaging Corp Of America in the 4th quarter valued at about $206,000. Global X Management Co. LLC bought a new stake in shares of Packaging Corp Of America in the 1st quarter valued at about $202,000. Stone Ridge Asset Management LLC bought a new stake in shares of Packaging Corp Of America in the 4th quarter valued at about $224,000. Finally, Redwood Investment Management LLC bought a new stake in shares of Packaging Corp Of America in the 1st quarter valued at about $212,000. Hedge funds and other institutional investors own 86.61% of the company’s stock.
In related news, Director Paul T. Stecko sold 566 shares of the company’s stock in a transaction that occurred on Tuesday, June 5th. The stock was sold at an average price of $120.94, for a total transaction of $68,452.04. Following the transaction, the director now directly owns 69,077 shares of the company’s stock, valued at approximately $8,354,172.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by corporate insiders.
Shares of Packaging Corp Of America opened at $114.62 on Wednesday, Marketbeat.com reports. The stock has a market capitalization of $10.84 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 1.72 and a beta of 1.80. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.58 and a current ratio of 2.72. Packaging Corp Of America has a 1 year low of $105.81 and a 1 year high of $131.13.
Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings data on Tuesday, April 24th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.02. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.64 billion. Packaging Corp Of America had a return on equity of 28.10% and a net margin of 10.48%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.27 EPS. equities research analysts forecast that Packaging Corp Of America will post 8 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 15th will be paid a dividend of $0.79 per share. This is an increase from Packaging Corp Of America’s previous quarterly dividend of $0.63. This represents a $3.16 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Thursday, June 14th. Packaging Corp Of America’s dividend payout ratio is 52.49%.
A number of research firms have commented on PKG. Citigroup reduced their price target on Packaging Corp Of America from $136.00 to $123.00 and set a “neutral” rating on the stock in a research report on Thursday, April 5th. Zacks Investment Research raised Packaging Corp Of America from a “hold” rating to a “buy” rating and set a $129.00 price objective on the stock in a research note on Tuesday. Finally, KeyCorp reissued a “hold” rating on shares of Packaging Corp Of America in a research note on Wednesday, April 25th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Packaging Corp Of America has an average rating of “Buy” and an average target price of $128.67.
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.
Receive News & Ratings for Packaging Corp Of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Corp Of America and related companies with MarketBeat.com's FREE daily email newsletter.