Today: Today, Neuberger Berman Group LLC Cuts Position in Packaging Corp. of America (PKG)

Today, Neuberger Berman Group LLC Cuts Position in Packaging Corp. of America (PKG)

Neuberger Berman Group LLC cut its position in shares of Packaging Corp. of America (NYSE:PKG) by 7.5% during the third quarter, Holdings Channel reports. The institutional investor owned 1,140,027 shares of the company’s stock after selling 91,928 shares during the period. Neuberger Berman Group LLC owned approximately 1.22% of Packaging Corp. of America worth $92,639,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PKG. LSV Asset Management raised its position in shares of Packaging Corp. of America by 1,321.8% in the second quarter. LSV Asset Management now owns 2,840,839 shares of the company’s stock worth $190,137,000 after buying an additional 2,641,039 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Packaging Corp. of America by 22.3% in the second quarter. Bank of New York Mellon Corp now owns 3,546,877 shares of the company’s stock worth $237,391,000 after buying an additional 647,699 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in shares of Packaging Corp. of America by 4,224.8% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 575,199 shares of the company’s stock worth $38,498,000 after buying an additional 561,899 shares in the last quarter. Seizert Capital Partners LLC bought a new position in shares of Packaging Corp. of America during the second quarter worth $28,795,000. Finally, BlackRock Fund Advisors raised its position in shares of Packaging Corp. of America by 5.4% in the second quarter. BlackRock Fund Advisors now owns 6,948,699 shares of the company’s stock worth $465,076,000 after buying an additional 358,103 shares in the last quarter. 86.80% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corp. of America (NYSE:PKG) traded down 0.05% during mid-day trading on Monday, reaching $85.39. 498,986 shares of the company traded hands. Packaging Corp. of America has a 52-week low of $44.32 and a 52-week high of $87.75. The stock has a market capitalization of $7.97 billion, a PE ratio of 18.34 and a beta of 1.88. The stock has a 50-day moving average of $82.60 and a 200 day moving average of $75.57.

Packaging Corp. of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, October 19th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by $0.01. Packaging Corp. of America had a net margin of 7.77% and a return on equity of 27.24%. The business earned $1.48 billion during the quarter, compared to analysts’ expectations of $559.20 million. During the same period last year, the company earned $1.26 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts expect that Packaging Corp. of America will post $4.82 earnings per share for the current year.

PKG has been the topic of a number of research reports. Bank of America Corp. raised shares of Packaging Corp. of America from a “neutral” rating to a “buy” rating and set a $92.00 price target on the stock in a research note on Tuesday, October 18th. Goldman Sachs Group Inc. started coverage on shares of Packaging Corp. of America in a report on Thursday, September 22nd. They issued a “sell” rating and a $77.00 price objective for the company. increased their price objective on shares of Packaging Corp. of America from $83.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Deutsche Bank AG increased their price objective on shares of Packaging Corp. of America from $75.00 to $77.00 and gave the company a “hold” rating in a report on Wednesday, August 10th. Finally, Jefferies Group reiterated a “buy” rating and issued a $93.00 price objective (down previously from $96.00) on shares of Packaging Corp. of America in a report on Friday, October 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $79.54.

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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