Retirement Systems of Alabama reduced its stake in Packaging Corporation of America (NYSE:PKG) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 121,445 shares of the industrial products company’s stock after selling 175 shares during the period. Retirement Systems of Alabama’s holdings in Packaging Corporation of America were worth $13,528,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PKG. BlackRock Inc. increased its stake in 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 in the last quarter. Iridian Asset Management LLC CT increased its stake in Packaging Corporation of America by 2,657.5% in the first quarter. Iridian Asset Management LLC CT now owns 1,378,725 shares of the industrial products company’s stock valued at $126,319,000 after buying an additional 1,328,725 shares in the last quarter. Vanguard Group Inc. increased its stake in Packaging Corporation of America by 5.7% in the first quarter. Vanguard Group Inc. now owns 8,238,908 shares of the industrial products company’s stock valued at $754,848,000 after buying an additional 445,345 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Packaging Corporation of America during the first quarter valued at $35,656,000. Finally, Bank of New York Mellon Corp increased its stake in Packaging Corporation of America by 8.6% in the first quarter. Bank of New York Mellon Corp now owns 4,035,040 shares of the industrial products company’s stock valued at $369,689,000 after buying an additional 318,194 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Shares of Packaging Corporation of America (NYSE:PKG) opened at 109.17 on Thursday. The company’s 50-day moving average is $110.58 and its 200 day moving average is $99.93. Packaging Corporation of America has a 52 week low of $74.95 and a 52 week high of $114.31. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 21.03 and a beta of 1.86.

Packaging Corporation of America (NYSE:PKG) last posted its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.05. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Packaging Corporation of America had a net margin of 8.05% and a return on equity of 27.78%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. Analysts anticipate that Packaging Corporation of America will post $6.00 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Thursday, June 15th were issued a dividend of $0.63 per share. The ex-dividend date was Tuesday, June 13th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.31%. Packaging Corporation of America’s dividend payout ratio (DPR) is 48.56%.

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Several research firms have recently weighed in on PKG. Jefferies Group LLC reaffirmed a “buy” rating and set a $128.00 price target (up previously from $114.00) on shares of Packaging Corporation of America in a research note on Friday, July 14th. Zacks Investment Research raised shares of Packaging Corporation of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 11th. BidaskClub lowered shares of Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. KeyCorp started coverage on shares of Packaging Corporation of America in a report on Thursday, July 6th. They issued a “sector weight” rating on the stock. Finally, Goldman Sachs Group, Inc. (The) raised shares of Packaging Corporation of America from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $105.00 to $111.00 in a report on Thursday, July 13th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Packaging Corporation of America presently 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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