Oppenheimer & Co. Inc. bought a new position in Packaging Corporation of America (NYSE:PKG) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,263 shares of the industrial products company’s stock, valued at approximately $207,000.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Packaging Corporation of America by 8,719.3% in the first quarter. BlackRock Inc. now owns 13,344,341 shares of the industrial products company’s stock worth $1,222,607,000 after buying an additional 13,193,032 shares in the last quarter. Iridian Asset Management LLC CT raised its stake in Packaging Corporation of America by 2,657.5% in the first quarter. Iridian Asset Management LLC CT now owns 1,378,725 shares of the industrial products company’s stock worth $126,319,000 after buying an additional 1,328,725 shares in the last quarter. Norges Bank acquired a new stake in Packaging Corporation of America during the fourth quarter worth approximately $76,763,000. Vanguard Group Inc. raised its stake in Packaging Corporation of America by 5.7% in the first quarter. Vanguard Group Inc. now owns 8,238,908 shares of the industrial products company’s stock worth $754,848,000 after buying an additional 445,345 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Packaging Corporation of America by 8.6% in the first quarter. Bank of New York Mellon Corp now owns 4,035,040 shares of the industrial products company’s stock worth $369,689,000 after buying an additional 318,194 shares in the last quarter. Hedge funds and other institutional investors own 88.35% of the company’s stock.

Packaging Corporation of America (PKG) traded down 0.91% on Friday, hitting $109.08. The company’s stock had a trading volume of 941,062 shares. The firm has a 50 day moving average of $110.08 and a 200-day moving average of $99.10. Packaging Corporation of America has a 12 month low of $73.34 and a 12 month high of $114.31. The stock has a market cap of $10.19 billion, a PE ratio of 21.02 and a beta of 1.86.

Packaging Corporation of America (NYSE:PKG) last issued its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.47 by $0.05. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.56 billion. Packaging Corporation of America had a return on equity of 28.31% and a net margin of 8.05%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. On average, analysts expect that Packaging Corporation of America will post $6.00 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Tuesday, June 13th. Packaging Corporation of America’s dividend payout ratio (DPR) is presently 48.56%.

ILLEGAL ACTIVITY WARNING: This article was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this article on another publication, it was illegally stolen and republished in violation of U.S. and international trademark and copyright legislation. The original version of this article can be accessed at https://www.thecerbatgem.com/2017/08/04/oppenheimer-co-inc-acquires-shares-of-2263-packaging-corporation-of-america-pkg-updated-updated-updated.html.

A number of research firms have recently commented on PKG. Jefferies Group LLC reaffirmed a “buy” rating and set a $128.00 price target (up previously from $114.00) on shares of Packaging Corporation of America in a research report on Friday, July 14th. Zacks Investment Research raised Packaging Corporation of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. BidaskClub lowered Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. KeyCorp initiated coverage on Packaging Corporation of America in a research report on Thursday, July 6th. They issued a “sector weight” rating on the stock. Finally, Goldman Sachs Group, Inc. (The) raised Packaging Corporation of America from a “sell” rating to a “neutral” rating and lifted their target price for the company from $105.00 to $111.00 in a research report on Thursday, July 13th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $102.73.

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.

Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

Receive News & Stock Ratings for Packaging Corporation of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Corporation of America and related stocks with our FREE daily email newsletter.