JPMorgan Chase & Co. raised its stake in Packaging Corp Of America (NYSE:PKG) by 17.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,155,074 shares of the industrial products company’s stock after purchasing an additional 317,708 shares during the period. JPMorgan Chase & Co.’s holdings in Packaging Corp Of America were worth $214,171,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Hancock Whitney Corp boosted its stake in Packaging Corp Of America by 6.1% in the fourth quarter. Hancock Whitney Corp now owns 3,768 shares of the industrial products company’s stock valued at $314,000 after acquiring an additional 217 shares during the last quarter. Bach Investment Advisors Ltd purchased a new position in Packaging Corp Of America in the fourth quarter valued at about $646,000. Norges Bank purchased a new position in Packaging Corp Of America in the fourth quarter valued at about $81,767,000. Perella Weinberg Partners Capital Management LP purchased a new position in Packaging Corp Of America in the fourth quarter valued at about $2,607,000. Finally, LPL Financial LLC boosted its stake in Packaging Corp Of America by 22.6% in the fourth quarter. LPL Financial LLC now owns 14,032 shares of the industrial products company’s stock valued at $1,171,000 after acquiring an additional 2,582 shares during the last quarter. 87.22% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. Bank of America reiterated a “buy” rating and issued a $112.00 target price (up from $105.00) on shares of Packaging Corp Of America in a research note on Friday, April 5th. ValuEngine cut shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. UBS Group assumed coverage on shares of Packaging Corp Of America in a research note on Wednesday, May 15th. They issued a “buy” rating and a $109.00 target price on the stock. KeyCorp reiterated a “hold” rating on shares of Packaging Corp Of America in a research note on Thursday, April 25th. Finally, Stephens cut shares of Packaging Corp Of America from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $102.64.
Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.98 EPS for the quarter, beating the Zacks’ consensus estimate of $1.96 by $0.02. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Packaging Corp Of America had a net margin of 11.12% and a return on equity of 30.86%. Packaging Corp Of America’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.55 EPS. As a group, research analysts forecast that Packaging Corp Of America will post 8.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Thursday, June 13th. Packaging Corp Of America’s payout ratio is currently 39.35%.
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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.
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