Bank of New York Mellon Corp Has $167.41 Million Holdings in Packaging Corp Of America (PKG)

Bank of New York Mellon Corp lowered its position in Packaging Corp Of America (NYSE:PKG) by 16.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,497,558 shares of the industrial products company’s stock after selling 295,641 shares during the period. Bank of New York Mellon Corp’s holdings in Packaging Corp Of America were worth $167,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new stake in Packaging Corp Of America in the second quarter worth about $125,000. Acadian Asset Management LLC bought a new stake in Packaging Corp Of America in the second quarter worth about $155,000. Flagship Harbor Advisors LLC bought a new stake in Packaging Corp Of America in the second quarter worth about $165,000. Qube Research & Technologies Ltd purchased a new position in shares of Packaging Corp Of America during the second quarter worth approximately $220,000. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Packaging Corp Of America during the second quarter worth approximately $226,000. 87.12% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently commented on PKG. Deutsche Bank set a $120.00 target price on shares of Packaging Corp Of America and gave the stock a “hold” rating in a research report on Monday, October 29th. Argus reduced their target price on shares of Packaging Corp Of America from $130.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Citigroup reduced their target price on shares of Packaging Corp Of America from $124.00 to $98.00 and set a “neutral” rating on the stock in a research report on Thursday, October 11th. ValuEngine lowered shares of Packaging Corp Of America from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 9th. Finally, BMO Capital Markets lowered shares of Packaging Corp Of America from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $130.00 to $108.00 in a research report on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $116.91.

Shares of NYSE:PKG opened at $94.90 on Friday. The company has a market cap of $8.97 billion, a PE ratio of 15.76, a P/E/G ratio of 1.42 and a beta of 1.82. Packaging Corp Of America has a one year low of $83.54 and a one year high of $131.13. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.67 and a current ratio of 2.73.

Packaging Corp Of America (NYSE:PKG) last issued its earnings results on Wednesday, October 24th. The industrial products company reported $2.23 EPS for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Packaging Corp Of America had a net margin of 11.54% and a return on equity of 30.77%. Sell-side analysts anticipate that Packaging Corp Of America will post 8.01 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 14th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.33%. The ex-dividend date was Thursday, September 13th. Packaging Corp Of America’s payout ratio is 52.49%.

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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Institutional Ownership by Quarter for Packaging Corp Of America (NYSE:PKG)

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