Olstein Capital Management L.P. Sells 6,000 Shares of Packaging Corp Of America (NYSE:PKG)

Olstein Capital Management L.P. lowered its holdings in Packaging Corp Of America (NYSE:PKG) by 8.5% in the second quarter, HoldingsChannel.com reports. The firm owned 65,000 shares of the industrial products company’s stock after selling 6,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Packaging Corp Of America were worth $6,196,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PKG. Citizens Financial Group Inc RI acquired a new position in shares of Packaging Corp Of America in the 1st quarter valued at approximately $32,000. Steward Partners Investment Advisory LLC acquired a new position in shares of Packaging Corp Of America in the 2nd quarter valued at approximately $35,000. Horan Capital Advisors LLC. acquired a new position in shares of Packaging Corp Of America in the 1st quarter valued at approximately $41,000. Cullen Frost Bankers Inc. acquired a new position in shares of Packaging Corp Of America in the 1st quarter valued at approximately $52,000. Finally, Zions Bancorporation N.A. acquired a new position in shares of Packaging Corp Of America in the 1st quarter valued at approximately $66,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

PKG stock traded down $1.09 during trading on Monday, reaching $100.04. 50,782 shares of the company were exchanged, compared to its average volume of 1,045,481. The business’s 50-day moving average is $98.99. The company has a market capitalization of $9.46 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 2.62 and a beta of 1.71. Packaging Corp Of America has a twelve month low of $77.90 and a twelve month high of $118.88. The company has a debt-to-equity ratio of 0.92, a current ratio of 3.29 and a quick ratio of 1.93.

Packaging Corp Of America (NYSE:PKG) last released its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $2.04 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $2.04. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Packaging Corp Of America had a net margin of 11.23% and a return on equity of 29.23%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 EPS. As a group, research analysts forecast that Packaging Corp Of America will post 7.79 earnings per share for the current fiscal year.

In other Packaging Corp Of America news, SVP Thomas W.H. Walton sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $100.17, for a total value of $601,020.00. Following the completion of the transaction, the senior vice president now directly owns 34,118 shares in the company, valued at approximately $3,417,600.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Donald R. Shirley sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $101.48, for a total transaction of $507,400.00. Following the completion of the transaction, the senior vice president now owns 12,790 shares of the company’s stock, valued at $1,297,929.20. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Several brokerages have recently commented on PKG. ValuEngine upgraded shares of Packaging Corp Of America from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th. Stephens cut shares of Packaging Corp Of America from an “overweight” rating to an “equal weight” rating and set a $100.00 target price for the company. in a research report on Friday, April 26th. Seaport Global Securities cut shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating and set a $98.02 price objective for the company. in a research report on Friday, July 12th. They noted that the move was a valuation call. Bank of America cut shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 16th. Finally, UBS Group set a $106.00 price objective on shares of Packaging Corp Of America and gave the stock a “buy” rating in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Packaging Corp Of America has a consensus rating of “Hold” and a consensus target price of $100.09.

Packaging Corp Of America Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products.

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Institutional Ownership by Quarter for Packaging Corp Of America (NYSE:PKG)

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