Fifth Third Bancorp cut its holdings in shares of Packaging Corp Of America (NYSE:PKG) by 2.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 368,886 shares of the industrial products company’s stock after selling 8,947 shares during the quarter. Fifth Third Bancorp’s holdings in Packaging Corp Of America were worth $40,463,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. boosted its position in Packaging Corp Of America by 10.1% during the 2nd quarter. BlackRock Inc. now owns 9,488,674 shares of the industrial products company’s stock worth $1,060,741,000 after buying an additional 872,739 shares during the period. FMR LLC boosted its position in Packaging Corp Of America by 222.9% during the 2nd quarter. FMR LLC now owns 3,050,688 shares of the industrial products company’s stock worth $341,036,000 after buying an additional 2,105,782 shares during the period. Wells Fargo & Company MN boosted its position in Packaging Corp Of America by 3.6% during the 3rd quarter. Wells Fargo & Company MN now owns 1,898,063 shares of the industrial products company’s stock worth $208,198,000 after buying an additional 66,225 shares during the period. Victory Capital Management Inc. boosted its position in Packaging Corp Of America by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,716,500 shares of the industrial products company’s stock worth $188,282,000 after buying an additional 82,286 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Packaging Corp Of America by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,585,600 shares of the industrial products company’s stock worth $173,925,000 after buying an additional 88,042 shares during the period. Institutional investors and hedge funds own 86.65% of the company’s stock.

PKG has been the subject of several analyst reports. ValuEngine lowered shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Sunday, August 26th. Zacks Investment Research lowered shares of Packaging Corp Of America from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Seaport Global Securities initiated coverage on shares of Packaging Corp Of America in a report on Tuesday, October 23rd. They set a “buy” rating and a $112.00 price target for the company. Wells Fargo & Co lowered their price target on shares of Packaging Corp Of America from $140.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, October 26th. Finally, KeyCorp restated a “hold” rating on shares of Packaging Corp Of America in a report on Thursday, October 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $116.91.

Packaging Corp Of America stock opened at $92.95 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.76 and a quick ratio of 1.74. Packaging Corp Of America has a 52-week low of $83.54 and a 52-week high of $131.13. The company has a market cap of $9.01 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.43 and a beta of 1.85.

Packaging Corp Of America (NYSE:PKG) last released its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.08. Packaging Corp Of America had a net margin of 11.54% and a return on equity of 29.96%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Analysts forecast that Packaging Corp Of America will post 8.03 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 17th will be issued a dividend of $0.79 per share. The ex-dividend date is Friday, December 14th. This represents a $3.16 annualized dividend and a yield of 3.40%. Packaging Corp Of America’s payout ratio is 52.49%.

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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.

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

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