Teacher Retirement System of Texas decreased its stake in Packaging Corporation of America (NYSE:PKG) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 262,692 shares of the industrial products company’s stock after selling 3,506 shares during the period. Teacher Retirement System of Texas’ holdings in Packaging Corporation of America were worth $29,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PKG. Quadrature Capital Ltd bought a new position in Packaging Corporation of America during the fourth quarter valued at about $248,000. Teachers Advisors LLC raised its position in Packaging Corporation of America by 12.2% in the fourth quarter. Teachers Advisors LLC now owns 229,730 shares of the industrial products company’s stock valued at $19,486,000 after buying an additional 24,916 shares in the last quarter. Creative Planning raised its position in 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 in the last quarter. Gulf International Bank UK Ltd raised its position in Packaging Corporation of America by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 30,320 shares of the industrial products company’s stock valued at $2,777,000 after buying an additional 400 shares in the last quarter. Finally, Highland Capital Management LLC raised its position in Packaging Corporation of America by 5.4% in the first quarter. Highland Capital Management LLC now owns 2,901 shares of the industrial products company’s stock valued at $266,000 after buying an additional 148 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Shares of Packaging Corporation of America (PKG) opened at 107.52 on Friday. The company has a market cap of $10.07 billion, a PE ratio of 20.72 and a beta of 1.86. Packaging Corporation of America has a one year low of $74.95 and a one year high of $114.31. The stock’s 50 day moving average price is $110.57 and its 200 day moving average price is $100.12.

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

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Thursday, June 15th were issued a $0.63 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $2.52 dividend on an annualized basis and a yield of 2.34%. Packaging Corporation of America’s payout ratio is presently 48.56%.

COPYRIGHT VIOLATION NOTICE: This news story was posted by Daily Political and is owned by of Daily Political. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & international copyright & trademark laws. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/08/12/packaging-corporation-of-america-nysepkg-stake-cut-by-teacher-retirement-system-of-texas.html.

PKG has been the subject of several recent analyst reports. Citigroup Inc. increased their price objective on Packaging Corporation of America from $106.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, April 14th. Deutsche Bank AG increased their price objective on Packaging Corporation of America from $91.00 to $94.00 and gave the stock a “hold” rating in a research note on Tuesday, April 25th. Jefferies Group LLC reiterated a “buy” rating and set a $114.00 price objective (up from $107.00) on shares of Packaging Corporation of America in a research note on Saturday, April 29th. BMO Capital Markets reiterated a “buy” rating and set a $104.00 price objective (up from $100.00) on shares of Packaging Corporation of America in a research note on Monday, May 1st. Finally, Barclays PLC dropped their price objective on Packaging Corporation of America from $100.00 to $90.00 and set an “equal weight” rating for the company in a research note on Monday, May 1st. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average 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.

Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Corporation of America (NYSE:PKG).

Institutional Ownership by Quarter for Packaging Corporation of America (NYSE:PKG)

Receive News & Ratings for Packaging Corporation of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Packaging Corporation of America and related companies with MarketBeat.com's FREE daily email newsletter.