The First Citizens Bank & Trust Co. Purchases New Stake in Packaging Corp. of America (PKG)

The First Citizens Bank & Trust Co. Purchases New Stake in Packaging Corp. of America (PKG)

First Citizens Bank & Trust Co. purchased a new stake in shares of Packaging Corp. of America (NYSE:PKG) during the second quarter, Holdings Channel reports. The firm purchased 18,910 shares of the company’s stock, valued at approximately $1,266,000.

Several other large investors have also recently added to or reduced their stakes in the stock. First Quadrant L P CA increased its stake in Packaging Corp. of America by 476.2% in the second quarter. First Quadrant L P CA now owns 353,200 shares of the company’s stock valued at $23,640,000 after buying an additional 291,900 shares during the period. JPMorgan Chase & Co. increased its stake in Packaging Corp. of America by 184.2% in the first quarter. JPMorgan Chase & Co. now owns 254,111 shares of the company’s stock valued at $15,349,000 after buying an additional 164,693 shares during the period. Riverhead Capital Management LLC increased its stake in Packaging Corp. of America by 863.5% in the first quarter. Riverhead Capital Management LLC now owns 183,071 shares of the company’s stock valued at $11,058,000 after buying an additional 164,071 shares during the period. BlackRock Group LTD increased its stake in Packaging Corp. of America by 33.2% in the first quarter. BlackRock Group LTD now owns 596,776 shares of the company’s stock valued at $36,045,000 after buying an additional 148,668 shares during the period. Finally, Old Mutual Global Investors UK Ltd. increased its stake in Packaging Corp. of America by 2,673.7% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 135,358 shares of the company’s stock valued at $9,059,000 after buying an additional 130,478 shares during the period. Institutional investors own 86.87% of the company’s stock.

Packaging Corp. of America (NYSE:PKG) traded up 1.95% during mid-day trading on Wednesday, reaching $82.18. The company’s stock had a trading volume of 416,726 shares. The stock has a 50-day moving average price of $80.05 and a 200-day moving average price of $71.03. Packaging Corp. of America has a one year low of $44.32 and a one year high of $82.88. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of 17.46 and a beta of 1.76.

Packaging Corp. of America (NYSE:PKG) last announced its earnings results on Thursday, July 21st. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.07. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Packaging Corp. of America had a return on equity of 27.74% and a net margin of 7.95%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.18 EPS. Equities research analysts forecast that Packaging Corp. of America will post $4.82 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be given a $0.63 dividend. This is a boost from Packaging Corp. of America’s previous quarterly dividend of $0.55. The ex-dividend date is Tuesday, September 13th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.13%. Packaging Corp. of America’s dividend payout ratio (DPR) is presently 53.62%.

Several equities research analysts have commented on PKG shares. BMO Capital Markets reissued a “buy” rating on shares of Packaging Corp. of America in a report on Thursday, July 7th. Deutsche Bank AG boosted their price target on Packaging Corp. of America from $71.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, July 7th. Jefferies Group restated a “buy” rating on shares of Packaging Corp. of America in a research note on Thursday, July 7th. Zacks Investment Research upgraded Packaging Corp. of America from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research note on Tuesday, June 14th. Finally, Argus restated a “buy” rating and issued a $84.00 price target (up previously from $79.00) on shares of Packaging Corp. of America in a research note on Friday, September 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Packaging Corp. of America currently has a consensus rating of “Hold” and a consensus price target of $78.46.

In other news, SVP Kent A. Pflederer sold 1,100 shares of the firm’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $74.30, for a total value of $81,730.00. Following the completion of the sale, the senior vice president now owns 34,623 shares of the company’s stock, valued at approximately $2,572,488.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.

About Packaging Corp. of America

Packaging Corporation of America (PCA) is a producer of containerboard and corrugated packaging products, and uncoated free sheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Company operates over eight mills and approximately 90 corrugated products manufacturing plants.

Related posts

Leave a Comment