The Packaging Corp. of America (PKG) Stake Held by Smithfield Trust Co.

The Packaging Corp. of America (PKG) Stake Held by Smithfield Trust Co.

Smithfield Trust Co. maintained its position in shares of Packaging Corp. of America (NYSE:PKG) during the second quarter, Holdings Channel reports. The fund owned 9,451 shares of the company’s stock at the end of the second quarter. Smithfield Trust Co.’s holdings in Packaging Corp. of America were worth $633,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Riverhead Capital Management LLC raised its position 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 worth $11,058,000 after buying an additional 164,071 shares in the last quarter. Rockshelter Capital Management LLC raised its position in Packaging Corp. of America by 33.3% in the first quarter. Rockshelter Capital Management LLC now owns 211,644 shares of the company’s stock worth $12,900,000 after buying an additional 52,861 shares in the last quarter. State Street Corp raised its position in Packaging Corp. of America by 2.8% in the first quarter. State Street Corp now owns 3,194,331 shares of the company’s stock worth $192,931,000 after buying an additional 87,474 shares in the last quarter. BB&T Securities LLC raised its position in Packaging Corp. of America by 20.4% in the first quarter. BB&T Securities LLC now owns 10,641 shares of the company’s stock worth $642,000 after buying an additional 1,800 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Packaging Corp. of America by 67.9% in the first quarter. Canada Pension Plan Investment Board now owns 9,400 shares of the company’s stock worth $568,000 after buying an additional 3,800 shares in the last quarter. 86.87% of the stock is owned by hedge funds and other institutional investors.

Packaging Corp. of America (NYSE:PKG) traded up 1.49% during midday trading on Friday, reaching $82.56. The company’s stock had a trading volume of 398,939 shares. The firm has a market capitalization of $7.71 billion, a PE ratio of 17.54 and a beta of 1.76. The stock has a 50 day moving average of $80.35 and a 200 day moving average of $71.18. Packaging Corp. of America has a 52 week low of $44.32 and a 52 week high of $83.13.

Packaging Corp. of America (NYSE:PKG) last issued its earnings results on Thursday, July 21st. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.07. Packaging Corp. of America had a return on equity of 27.74% and a net margin of 7.95%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the company posted $1.18 earnings per share. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts predict that Packaging Corp. of America will post $4.82 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.52 dividend on an annualized basis and a yield of 3.10%. This is an increase from Packaging Corp. of America’s previous quarterly dividend of $0.55. Packaging Corp. of America’s payout ratio is 53.62%.

A number of equities analysts have issued reports on the stock. Goldman Sachs Group Inc. initiated coverage on shares of Packaging Corp. of America in a research report on Thursday, September 22nd. They set a “sell” rating and a $77.00 price target for the company. Deutsche Bank AG upgraded shares of Packaging Corp. of America from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Friday, September 23rd. Credit Agricole SA increased their price objective on Packaging Corp. of America from $83.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, September 6th. Citigroup Inc. raised their price objective on Packaging Corp. of America from $76.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, August 31st. Finally, Argus restated a “buy” rating and issued a $84.00 price objective (up from $79.00) on shares of Packaging Corp. of America in a report on Friday, September 2nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $78.46.

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

Packaging Corp. of America Company Profile

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.

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