Packaging Corp Of America (NYSE:PKG) Shares Sold by Putnam Investments LLC

Putnam Investments LLC trimmed its holdings in shares of Packaging Corp Of America (NYSE:PKG) by 8.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 143,206 shares of the industrial products company’s stock after selling 13,521 shares during the quarter. Putnam Investments LLC’s holdings in Packaging Corp Of America were worth $13,650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in PKG. BlackRock Inc. increased its holdings in shares of Packaging Corp Of America by 7.2% during the 1st quarter. BlackRock Inc. now owns 10,289,922 shares of the industrial products company’s stock valued at $1,022,613,000 after purchasing an additional 692,098 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Packaging Corp Of America by 21.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,611,939 shares of the industrial products company’s stock valued at $245,418,000 after purchasing an additional 456,865 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Packaging Corp Of America by 3.7% during the 2nd quarter. Vanguard Group Inc. now owns 10,881,673 shares of the industrial products company’s stock valued at $1,037,241,000 after purchasing an additional 389,241 shares in the last quarter. AJO LP increased its holdings in shares of Packaging Corp Of America by 141.4% during the 1st quarter. AJO LP now owns 609,050 shares of the industrial products company’s stock valued at $60,527,000 after purchasing an additional 356,732 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Packaging Corp Of America during the 2nd quarter valued at approximately $17,262,000. Institutional investors and hedge funds own 88.05% of the company’s stock.

In other news, SVP Donald R. Shirley sold 5,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $101.48, for a total transaction of $507,400.00. Following the completion of the sale, the senior vice president now owns 12,790 shares of the company’s stock, valued at $1,297,929.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Thomas W.H. Walton sold 6,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $100.17, for a total transaction of $601,020.00. Following the sale, the senior vice president now directly owns 34,118 shares of the company’s stock, valued at approximately $3,417,600.06. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

PKG has been the subject of several recent research reports. UBS Group set a $106.00 target price on shares of Packaging Corp Of America and gave the company a “buy” rating in a report on Monday, June 24th. Seaport Global Securities lowered shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating and set a $98.02 target price for the company. in a report on Friday, July 12th. They noted that the move was a valuation call. ValuEngine raised shares of Packaging Corp Of America from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th. Finally, KeyCorp lowered shares of Packaging Corp Of America from a “sector weight” rating to an “underweight” rating and set a $89.00 target price for the company. in a report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Packaging Corp Of America has an average rating of “Hold” and a consensus target price of $100.09.

NYSE PKG traded down $0.39 on Friday, hitting $102.94. The company had a trading volume of 354,492 shares, compared to its average volume of 698,885. The company has a market capitalization of $9.83 billion, a PE ratio of 12.82, a PEG ratio of 2.73 and a beta of 1.71. The company’s fifty day moving average price is $101.38 and its 200-day moving average price is $98.38. The company has a debt-to-equity ratio of 0.92, a current ratio of 3.29 and a quick ratio of 2.18. Packaging Corp Of America has a 12-month low of $77.90 and a 12-month high of $118.88.

Packaging Corp Of America (NYSE:PKG) last issued its quarterly earnings results on Wednesday, July 24th. The industrial products company reported $2.04 EPS for the quarter, hitting the consensus estimate of $2.04. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.78 billion. Packaging Corp Of America had a net margin of 11.23% and a return on equity of 29.23%. The firm’s revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.08 EPS. On average, sell-side analysts anticipate that Packaging Corp Of America will post 7.7 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.07%. The ex-dividend date is Thursday, September 12th. Packaging Corp Of America’s payout ratio is presently 39.35%.

Packaging Corp Of America Company Profile

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.

Further Reading: What is a put option?

Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Corp Of America (NYSE:PKG).

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

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.