Bank of New York Mellon Corp boosted its stake in Packaging Corporation of America (NYSE:PKG) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 4,097,547 shares of the industrial products company’s stock after buying an additional 62,507 shares during the period. Bank of New York Mellon Corp’s holdings in Packaging Corporation of America were worth $456,426,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PKG. BlackRock Inc. boosted its stake in Packaging Corporation of America by 8,719.3% in the first quarter. BlackRock Inc. now owns 13,344,341 shares of the industrial products company’s stock valued at $1,222,607,000 after buying an additional 13,193,032 shares during the last quarter. Iridian Asset Management LLC CT boosted its stake in Packaging Corporation of America by 2,657.5% in the first quarter. Iridian Asset Management LLC CT now owns 1,378,725 shares of the industrial products company’s stock valued at $126,319,000 after buying an additional 1,328,725 shares during the last quarter. Vanguard Group Inc. boosted its stake in Packaging Corporation of America by 5.7% in the first quarter. Vanguard Group Inc. now owns 8,238,908 shares of the industrial products company’s stock valued at $754,848,000 after buying an additional 445,345 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Packaging Corporation of America during the first quarter valued at about $35,656,000. Finally, Bank of America Corp DE boosted its stake in Packaging Corporation of America by 9.8% in the first quarter. Bank of America Corp DE now owns 2,461,352 shares of the industrial products company’s stock valued at $225,509,000 after buying an additional 219,410 shares during the last quarter. Hedge funds and other institutional investors own 88.92% of the company’s stock.

Packaging Corporation of America (NYSE:PKG) opened at 111.44 on Thursday. The company has a 50-day moving average of $110.53 and a 200-day moving average of $100.52. The stock has a market cap of $10.44 billion, a P/E ratio of 21.47 and a beta of 1.86. Packaging Corporation of America has a 52 week low of $74.95 and a 52 week high of $114.31.

Packaging Corporation of America (NYSE:PKG) last released its earnings results on Wednesday, July 26th. The industrial products company reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.05. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations 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 was up 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 EPS. On average, analysts predict that Packaging Corporation of America will post $6.02 EPS for the current fiscal year.

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Several equities research analysts recently issued reports on PKG shares. BMO Capital Markets restated a “buy” rating and set a $104.00 price objective (up from $100.00) on shares of Packaging Corporation of America in a research report on Monday, May 1st. Deutsche Bank AG increased their target price on shares of 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. ValuEngine raised shares of Packaging Corporation of America from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub lowered shares of Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, KeyCorp assumed coverage on shares of Packaging Corporation of America in a research note on Thursday, July 6th. They set a “sector weight” rating for the company. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target 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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