First Trust Advisors LP reduced its stake in Packaging Corp. of America (NYSE:PKG) by 56.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,369 shares of the company’s stock after selling 61,413 shares during the period. First Trust Advisors LP owned 0.05% of Packaging Corp. of America worth $3,170,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PKG. BlackRock Fund Advisors boosted its position in shares of Packaging Corp. of America by 82.2% in the first quarter. BlackRock Fund Advisors now owns 6,590,596 shares of the company’s stock valued at $398,072,000 after buying an additional 2,972,569 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Packaging Corp. of America by 22.3% in the second quarter. Bank of New York Mellon Corp now owns 3,546,877 shares of the company’s stock valued at $237,391,000 after buying an additional 647,699 shares during the period. State Street Corp boosted its position in shares of Packaging Corp. of America by 2.8% in the first quarter. State Street Corp now owns 3,194,331 shares of the company’s stock valued at $192,931,000 after buying an additional 87,474 shares during the period. Prudential Financial Inc. boosted its position in shares of Packaging Corp. of America by 98.2% in the first quarter. Prudential Financial Inc. now owns 926,615 shares of the company’s stock valued at $55,967,000 after buying an additional 459,180 shares during the period. Finally, Norges Bank purchased a new position in shares of Packaging Corp. of America during the fourth quarter valued at approximately $57,976,000. 86.96% of the stock is owned by hedge funds and other institutional investors.

Shares of Packaging Corp. of America (NYSE:PKG) traded up 0.04% during mid-day trading on Friday, reaching $80.06. The company had a trading volume of 1,318,965 shares. Packaging Corp. of America has a 52-week low of $44.32 and a 52-week high of $82.06. The firm’s 50-day moving average price is $77.16 and its 200 day moving average price is $67.39. The company has a market cap of $7.48 billion, a price-to-earnings ratio of 17.01 and a beta of 1.71.

Packaging Corp. of America (NYSE:PKG) last released its earnings results on Thursday, July 21st. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.18 by $0.07. Packaging Corp. of America had a return on equity of 27.74% and a net margin of 7.95%. The business earned $1.42 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the firm posted $1.18 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. Equities analysts expect that Packaging Corp. of America will post $4.80 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 15th will be paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 13th. This represents a $2.52 annualized dividend and a yield of 3.15%. This is a boost from Packaging Corp. of America’s previous quarterly dividend of $0.55. Packaging Corp. of America’s dividend payout ratio (DPR) is currently 53.62%.

Several research analysts recently commented on PKG shares. Zacks Investment Research cut Packaging Corp. of America from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Argus reissued a “buy” rating and set a $84.00 price objective (up from $79.00) on shares of Packaging Corp. of America in a report on Friday, September 2nd. Credit Agricole SA lifted their price objective on Packaging Corp. of America from $83.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Jefferies Group reissued a “buy” rating on shares of Packaging Corp. of America in a report on Tuesday, August 23rd. Finally, Citigroup Inc. lifted their price objective on Packaging Corp. of America from $76.00 to $81.00 and gave the company a “neutral” rating in a report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Packaging Corp. of America presently has a consensus rating of “Hold” and an average price target of $77.50.

In related news, SVP Kent A. Pflederer sold 1,100 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $74.30, for a total transaction of $81,730.00. Following the completion of the sale, the senior vice president now owns 34,623 shares of the company’s stock, valued at $2,572,488.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

About Packaging Corp. of America

Packaging Corporation of America (PCA) is a producer of containerboard and corrugated packaging products, and uncoated free sheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Company operates over eight mills and approximately 90 corrugated products manufacturing plants.

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