Packaging Corporation of America $PKG Stock: Pictet Asset Management Holding SA Lowers Holdings

Key Points

• Pictet Asset Management trimmed its PKG stake by 4.5% in the third quarter, selling 15,079 shares. It held 321,607 shares valued at about $73.7 million at quarter-end.
• Packaging Corporation of America reported quarterly EPS of $3.04, above the $2.93 consensus, while revenue of $2.60 billion narrowly missed estimates; revenue rose 12.5% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $275.43. The company’s $1.50 quarterly dividend equates to a 2.4% annualized yield.

Pictet Asset Management Holding SA decreased its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 4.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 321,607 shares of the industrial products company's stock after selling 15,079 shares during the period. Pictet Asset Management Holding SA owned approximately 0.36% of Packaging Corporation of America worth $73,732,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Packaging Corporation of America during the second quarter valued at about $1,837,506,000. Bank of New York Mellon Corp acquired a new stake in Packaging Corporation of America during the second quarter worth about $748,095,000. Royal Bank of Canada grew its position in Packaging Corporation of America by 25.2% during the first quarter. Royal Bank of Canada now owns 2,323,010 shares of the industrial products company's stock worth $492,990,000 after buying an additional 467,590 shares in the last quarter. Bank of America Corp DE acquired a new stake in Packaging Corporation of America during the second quarter worth about $379,568,000. Finally, Atlas FRM LLC bought a new position in Packaging Corporation of America during the second quarter valued at about $365,164,100. Institutional investors own 89.78% of the company's stock.

Packaging Corporation of America Stock Performance

NYSE:PKG opened at $254.31 on Tuesday. The firm has a market capitalization of $22.66 billion, a PE ratio of 31.32, a price-to-earnings-growth ratio of 1.95 and a beta of 0.76. The company has a quick ratio of 1.86, a current ratio of 2.94 and a debt-to-equity ratio of 0.85. Packaging Corporation of America has a 12-month low of $191.50 and a 12-month high of $262.59. The firm has a 50-day moving average price of $238.42 and a 200 day moving average price of $230.50.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, beating analysts' consensus estimates of $2.93 by $0.11. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.61 billion. Packaging Corporation of America had a return on equity of 19.63% and a net margin of 7.40%. The company's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.73 earnings per share. Research analysts anticipate that Packaging Corporation of America will post 10.56 earnings per share for the current fiscal year.

Packaging Corporation of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.4%. Packaging Corporation of America's dividend payout ratio is presently 73.89%.

Insider Activity at Packaging Corporation of America

In related news, VP Donald Shirley sold 12,000 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $250.71, for a total transaction of $3,008,520.00. Following the completion of the transaction, the vice president owned 19,110 shares in the company, valued at $4,791,068.10. This trade represents a 38.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PKG has been the subject of several recent research reports. UBS Group cut their price target on Packaging Corporation of America from $292.00 to $289.00 and set a "buy" rating for the company in a report on Monday, October 5th. Truist Financial reissued a "buy" rating and set a $294.00 price objective (up from $280.00) on shares of Packaging Corporation of America in a report on Friday, October 23rd. Weiss Ratings raised Packaging Corporation of America from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, October 27th. Wall Street Zen upgraded Packaging Corporation of America from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Citigroup boosted their price target on shares of Packaging Corporation of America from $253.00 to $262.00 and gave the company a "neutral" rating in a report on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $275.43.

About Packaging Corporation of America

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