American Century Companies Inc. bought a new position in Packaging Corporation of America (NYSE:PKG) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 537,878 shares of the industrial products company’s stock, valued at approximately $59,914,000. American Century Companies Inc. owned approximately 0.57% of Packaging Corporation of America as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in PKG. Victory Capital Management Inc. boosted its stake in shares of Packaging Corporation of America by 21.3% in the second quarter. Victory Capital Management Inc. now owns 16,740 shares of the industrial products company’s stock worth $1,865,000 after buying an additional 2,939 shares during the last quarter. First National Trust Co. boosted its stake in shares of Packaging Corporation of America by 6.4% in the second quarter. First National Trust Co. now owns 5,504 shares of the industrial products company’s stock worth $613,000 after buying an additional 333 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Packaging Corporation of America by 2.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 293,576 shares of the industrial products company’s stock worth $32,701,000 after buying an additional 7,705 shares during the last quarter. TrimTabs Asset Management LLC boosted its stake in shares of Packaging Corporation of America by 104.5% in the second quarter. TrimTabs Asset Management LLC now owns 2,648 shares of the industrial products company’s stock worth $295,000 after buying an additional 1,353 shares during the last quarter. Finally, Boston Private Wealth LLC boosted its stake in shares of Packaging Corporation of America by 53.9% in the second quarter. Boston Private Wealth LLC now owns 24,025 shares of the industrial products company’s stock worth $2,676,000 after buying an additional 8,418 shares during the last quarter. 88.59% of the stock is owned by hedge funds and other institutional investors.

Packaging Corporation of America (PKG) opened at 108.50 on Wednesday. The stock’s 50 day moving average price is $110.10 and its 200-day moving average price is $101.28. Packaging Corporation of America has a one year low of $77.73 and a one year high of $114.31. The firm has a market capitalization of $10.16 billion, a price-to-earnings ratio of 20.91 and a beta of 1.86.

Packaging Corporation of America (NYSE:PKG) last announced its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.05. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period in the prior year, the company earned $1.25 earnings per share. Packaging Corporation of America’s revenue was up 11.8% compared to the same quarter last year. On average, equities research analysts expect that Packaging Corporation of America will post $6.02 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.32%. The ex-dividend date is Thursday, September 14th. Packaging Corporation of America’s dividend payout ratio (DPR) is 48.56%.

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A number of brokerages have issued reports on PKG. Vertical Research reaffirmed a “buy” rating and set a $124.00 target price (up previously from $118.00) on shares of Packaging Corporation of America in a research report on Wednesday, August 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $122.00 target price (up previously from $118.00) on shares of Packaging Corporation of America in a research report on Tuesday, August 22nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $128.00 target price on shares of Packaging Corporation of America in a research report on Friday, August 18th. BidaskClub raised Packaging Corporation of America from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Goldman Sachs Group, Inc. (The) raised Packaging Corporation of America from a “sell” rating to a “neutral” rating and upped their target price for the stock 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 eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $104.83.

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.

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

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