Creative Planning trimmed its holdings in Packaging Corp Of America (NYSE:PKG) by 20.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,120 shares of the industrial products company’s stock after selling 553 shares during the period. Creative Planning’s holdings in Packaging Corp Of America were worth $237,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PKG. Millennium Management LLC increased its holdings in Packaging Corp Of America by 76.5% in the 1st quarter. Millennium Management LLC now owns 1,113,306 shares of the industrial products company’s stock worth $125,470,000 after buying an additional 482,533 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Packaging Corp Of America by 14.2% in the 1st quarter. Victory Capital Management Inc. now owns 1,579,615 shares of the industrial products company’s stock worth $178,022,000 after buying an additional 195,831 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in Packaging Corp Of America by 15.9% in the 1st quarter. Neuberger Berman Group LLC now owns 1,177,332 shares of the industrial products company’s stock worth $132,731,000 after buying an additional 161,370 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Packaging Corp Of America by 135.6% in the 1st quarter. Point72 Asset Management L.P. now owns 249,717 shares of the industrial products company’s stock worth $28,143,000 after buying an additional 143,717 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Packaging Corp Of America by 16.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 721,584 shares of the industrial products company’s stock worth $81,323,000 after buying an additional 100,837 shares in the last quarter. Institutional investors own 86.50% of the company’s stock.

Several research firms recently commented on PKG. Citigroup lifted their price objective on Packaging Corp Of America from $121.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, July 30th. Barclays reduced their price objective on Packaging Corp Of America from $125.00 to $120.00 and set an “equal weight” rating for the company in a report on Monday, July 30th. ValuEngine upgraded Packaging Corp Of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. KeyCorp reiterated a “hold” rating on shares of Packaging Corp Of America in a report on Wednesday, April 25th. Finally, Zacks Investment Research downgraded Packaging Corp Of America from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $129.45.

Shares of Packaging Corp Of America opened at $110.91 on Tuesday, MarketBeat Ratings reports. The stock has a market capitalization of $10.51 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 1.68 and a beta of 1.79. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.58 and a current ratio of 2.72. Packaging Corp Of America has a 52-week low of $106.49 and a 52-week high of $131.13.

Packaging Corp Of America (NYSE:PKG) last announced its earnings results on Wednesday, July 25th. The industrial products company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.11. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Packaging Corp Of America had a return on equity of 29.16% and a net margin of 10.83%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $1.52 earnings per share. equities analysts anticipate that Packaging Corp Of America will post 7.94 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 13th. Shareholders of record on Friday, June 15th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.85%. This is a boost from Packaging Corp Of America’s previous quarterly dividend of $0.63. The ex-dividend date was Thursday, June 14th. Packaging Corp Of America’s dividend payout ratio (DPR) is presently 52.49%.

In other Packaging Corp Of America news, Director Paul T. Stecko sold 566 shares of the firm’s stock in a transaction dated Tuesday, June 5th. The stock was sold at an average price of $120.94, for a total value of $68,452.04. Following the transaction, the director now directly owns 69,077 shares of the company’s stock, valued at $8,354,172.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

Packaging Corp Of America 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.

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

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