Pioneer Investment Management Inc. reduced its stake in shares of Packaging Corporation of America (NYSE:PKG) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 143,057 shares of the industrial products company’s stock after selling 558 shares during the period. Pioneer Investment Management Inc.’s holdings in Packaging Corporation of America were worth $15,935,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in shares of Packaging Corporation of America during the fourth quarter valued at approximately $248,000. Teachers Advisors LLC raised its stake in shares of Packaging Corporation of America by 12.2% in the fourth quarter. Teachers Advisors LLC now owns 229,730 shares of the industrial products company’s stock valued at $19,486,000 after buying an additional 24,916 shares in the last quarter. Creative Planning raised its stake in shares of Packaging Corporation of America by 44.9% in the first quarter. Creative Planning now owns 1,563 shares of the industrial products company’s stock valued at $143,000 after buying an additional 484 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in shares of Packaging Corporation of America by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 30,320 shares of the industrial products company’s stock valued at $2,777,000 after buying an additional 400 shares in the last quarter. Finally, Highland Capital Management LLC raised its stake in shares of Packaging Corporation of America by 5.4% in the first quarter. Highland Capital Management LLC now owns 2,901 shares of the industrial products company’s stock valued at $266,000 after buying an additional 148 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America (NYSE PKG) opened at 107.33 on Friday. The firm has a market cap of $10.05 billion, a price-to-earnings ratio of 20.68 and a beta of 1.86. Packaging Corporation of America has a 1-year low of $74.95 and a 1-year high of $114.31. The firm has a 50-day moving average price of $110.57 and a 200-day moving average price of $99.98.

Packaging Corporation of America (NYSE:PKG) last issued its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same quarter last year, the company posted $1.25 EPS. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts expect that Packaging Corporation of America will post $6.00 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were paid a $0.63 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $2.52 annualized dividend and a dividend yield of 2.35%. Packaging Corporation of America’s payout ratio is 48.56%.

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Several analysts recently commented on PKG shares. Citigroup Inc. boosted their price target on Packaging Corporation of America from $106.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, April 14th. Deutsche Bank AG boosted their price target on Packaging Corporation of America from $91.00 to $94.00 and gave the company a “hold” rating in a research note on Tuesday, April 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $114.00 price target (up previously from $107.00) on shares of Packaging Corporation of America in a research note on Saturday, April 29th. BMO Capital Markets reaffirmed a “buy” rating and issued a $104.00 price target (up previously from $100.00) on shares of Packaging Corporation of America in a research note on Monday, May 1st. Finally, Barclays PLC decreased their price target on Packaging Corporation of America from $100.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Monday, May 1st. Seven equities 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 an average price target 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.

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

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