Morse Asset Management Inc cut its stake in Packaging Corporation of America (NYSE:PKG) by 17.6% during the second quarter, Holdings Channel reports. The fund owned 4,922 shares of the industrial products company’s stock after selling 1,050 shares during the period. Morse Asset Management Inc’s holdings in Packaging Corporation of America were worth $548,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in shares of Packaging Corporation of America during the first quarter valued at $113,000. TrimTabs Asset Management LLC boosted its stake in shares of Packaging Corporation of America by 88.5% in the first quarter. TrimTabs Asset Management LLC now owns 1,295 shares of the industrial products company’s stock valued at $119,000 after buying an additional 608 shares during the last quarter. Creative Planning boosted its stake in shares of Packaging Corporation of America by 44.9% in the first quarter. Creative Planning now owns 1,563 shares of the industrial products company’s stock valued at $143,000 after buying an additional 484 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Packaging Corporation of America by 12.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,150 shares of the industrial products company’s stock valued at $197,000 after buying an additional 231 shares during the last quarter. Finally, Atria Investments LLC purchased a new stake in shares of Packaging Corporation of America during the second quarter valued at $200,000. 88.25% of the stock is currently owned by institutional investors.

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

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $1.56 billion. Packaging Corporation of America had a return on equity of 27.78% and a net margin of 8.05%. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. On average, equities research analysts anticipate that Packaging Corporation of America will post $6.00 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Tuesday, June 13th. Packaging Corporation of America’s payout ratio is 48.56%.

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Several brokerages recently weighed in on PKG. BMO Capital Markets reaffirmed a “buy” rating and issued a $118.00 price target on shares of Packaging Corporation of America in a research note on Friday, August 4th. Jefferies Group LLC set a $114.00 target price on Packaging Corporation of America and gave the stock a “buy” rating in a research note on Thursday, June 1st. ValuEngine cut Packaging Corporation of America from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. BidaskClub raised Packaging Corporation of America from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, KeyCorp began coverage on Packaging Corporation of America in a research note on Thursday, July 6th. They issued a “sector weight” rating on the stock. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price 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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