Zurich Insurance Group Ltd FI continued to hold its stake in Packaging Corporation of America (NYSE:PKG) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,500 shares of the industrial products company’s stock at the end of the second quarter. Zurich Insurance Group Ltd FI’s holdings in Packaging Corporation of America were worth $1,838,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of Packaging Corporation of America by 8,719.3% in the first quarter. BlackRock Inc. now owns 13,344,341 shares of the industrial products company’s stock valued at $1,222,607,000 after buying an additional 13,193,032 shares during the period. Vanguard Group Inc. increased its stake in shares of Packaging Corporation of America by 2.3% in the second quarter. Vanguard Group Inc. now owns 8,430,256 shares of the industrial products company’s stock valued at $939,046,000 after buying an additional 191,348 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Packaging Corporation of America by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 4,097,547 shares of the industrial products company’s stock valued at $456,426,000 after buying an additional 62,507 shares during the period. Bank of America Corp DE increased its stake in shares of Packaging Corporation of America by 9.8% in the first quarter. Bank of America Corp DE now owns 2,461,352 shares of the industrial products company’s stock valued at $225,509,000 after buying an additional 219,410 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Packaging Corporation of America by 4.1% in the second quarter. Wells Fargo & Company MN now owns 2,459,871 shares of the industrial products company’s stock valued at $274,005,000 after buying an additional 96,282 shares during the period. 88.18% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on PKG shares. BMO Capital Markets increased their price target on Packaging Corporation of America from $104.00 to $118.00 and gave the company an “outperform” rating in a research note on Friday, June 30th. KeyCorp started coverage on Packaging Corporation of America in a research note on Thursday, July 6th. They issued a “sector weight” rating for the company. Wells Fargo & Company cut Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a research note on Monday, July 10th. Zacks Investment Research raised Packaging Corporation of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, Goldman Sachs Group, Inc. (The) raised Packaging Corporation of America from a “sell” rating to a “neutral” rating and increased their price target for the company from $105.00 to $111.00 in a research note on Thursday, July 13th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Packaging Corporation of America has an average rating of “Hold” and a consensus target price of $109.22.

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In related news, VP Thomas A. Hassfurther sold 6,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $117.94, for a total transaction of $707,640.00. Following the transaction, the vice president now owns 155,071 shares in the company, valued at approximately $18,289,073.74. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by insiders.

Shares of Packaging Corporation of America (PKG) opened at 116.50 on Friday. Packaging Corporation of America has a 12 month low of $78.03 and a 12 month high of $119.43. The company’s 50 day moving average price is $113.97 and its 200 day moving average price is $105.68. The company has a market cap of $10.91 billion, a price-to-earnings ratio of 22.45 and a beta of 1.83.

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.05. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.56 billion. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. The company’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 earnings per share. On average, equities analysts expect that Packaging Corporation of America will post $6.03 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.52 dividend on an annualized basis and a yield of 2.16%. Packaging Corporation of America’s dividend payout ratio is presently 48.56%.

Packaging Corporation of America Profile

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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