First Eagle Investment Management LLC Raises Position in Packaging Corporation of America (PKG)

First Eagle Investment Management LLC increased its stake in shares of Packaging Corporation of America (NYSE:PKG) by 17.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,100,096 shares of the company’s stock after buying an additional 319,452 shares during the period. First Eagle Investment Management LLC owned 2.23% of Packaging Corporation of America worth $240,839,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new position in Packaging Corporation of America during the 3rd quarter worth about $14,544,000. State Street Corp lifted its position in Packaging Corporation of America by 1.0% during the 2nd quarter. State Street Corp now owns 3,336,381 shares of the company’s stock valued at $371,683,000 after purchasing an additional 31,624 shares during the period. TIAA CREF Investment Management LLC lifted its position in Packaging Corporation of America by 23.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 565,067 shares of the company’s stock valued at $62,943,000 after purchasing an additional 107,348 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its position in Packaging Corporation of America by 4.7% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 227,694 shares of the company’s stock valued at $25,363,000 after purchasing an additional 10,141 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Packaging Corporation of America by 2.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 293,576 shares of the company’s stock valued at $32,701,000 after purchasing an additional 7,705 shares during the period. Institutional investors and hedge funds own 88.02% of the company’s stock.

In related news, SVP Thomas W.H. Walton sold 6,027 shares of Packaging Corporation of America stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of C$116.15, for a total value of C$700,036.05. Following the transaction, the senior vice president now directly owns 32,690 shares of the company’s stock, valued at C$3,796,943.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas A. Hassfurther sold 6,000 shares of Packaging Corporation of America stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of C$117.94, for a total value of C$707,640.00. Following the completion of the transaction, the vice president now directly owns 155,071 shares in the company, valued at C$18,289,073.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,177 shares of company stock worth $2,127,472. 1.20% of the stock is owned by insiders.

PKG has been the topic of a number of analyst reports. Deutsche Bank AG reiterated a “hold” rating and issued a $120.00 price target (up from $94.00) on shares of Packaging Corporation of America in a research report on Monday, October 9th. BidaskClub cut Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Stephens initiated coverage on Packaging Corporation of America in a research note on Tuesday, October 24th. They set an “overweight” rating and a $130.00 target price for the company. BMO Capital Markets reissued an “outperform” rating and set a $122.00 target price (up from $118.00) on shares of Packaging Corporation of America in a research note on Tuesday, August 22nd. Finally, Barclays PLC raised their price target on shares of Packaging Corporation of America from $108.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Monday, October 30th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of C$117.36.

Packaging Corporation of America (PKG) traded up C$1.04 during trading hours on Monday, hitting C$110.27. The stock had a trading volume of 913,600 shares, compared to its average volume of 905,780. The company has a market capitalization of $10,404.03, a PE ratio of 19.35, a P/E/G ratio of 2.21 and a beta of 1.82. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.49 and a current ratio of 2.45. Packaging Corporation of America has a 52 week low of C$81.55 and a 52 week high of C$120.75.

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