Korea Investment CORP Sells 42,000 Shares of Packaging Corporation of America (NYSE:PKG)

Korea Investment CORP cut its position in Packaging Corporation of America (NYSE:PKG) by 27.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,500 shares of the industrial products company’s stock after selling 42,000 shares during the period. Korea Investment CORP owned about 0.12% of Packaging Corporation of America worth $12,531,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. 1st Global Advisors Inc. bought a new position in Packaging Corporation of America during the first quarter worth approximately $1,130,000. Capital Innovations LLC raised its position in Packaging Corporation of America by 1.8% in the first quarter. Capital Innovations LLC now owns 3,479 shares of the industrial products company’s stock worth $319,000 after buying an additional 60 shares in the last quarter. Camelot Portfolios LLC bought a new position in Packaging Corporation of America during the first quarter worth approximately $289,000. HL Financial Services LLC raised its position in Packaging Corporation of America by 0.5% in the first quarter. HL Financial Services LLC now owns 39,563 shares of the industrial products company’s stock worth $3,625,000 after buying an additional 216 shares in the last quarter. Finally, Carnick & Kubik Group LLC bought a new position in Packaging Corporation of America during the first quarter worth approximately $771,000. 88.92% of the stock is currently owned by institutional investors.

Packaging Corporation of America (NYSE:PKG) traded down 0.52% during midday trading on Friday, hitting $109.99. The stock had a trading volume of 731,861 shares. Packaging Corporation of America has a 12 month low of $74.95 and a 12 month high of $114.31. The company has a market cap of $10.30 billion, a P/E ratio of 21.19 and a beta of 1.86. The firm’s 50-day moving average price is $110.42 and its 200 day moving average price is $100.72.

Packaging Corporation of America (NYSE:PKG) last released its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter last year, the business posted $1.25 EPS. The business’s revenue was up 11.8% on a year-over-year basis. On average, analysts expect that Packaging Corporation of America will post $6.02 earnings per share for the current fiscal year.

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A number of equities analysts recently commented on PKG shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $128.00 price objective (up from $114.00) on shares of Packaging Corporation of America in a research note on Friday, July 14th. KeyCorp started coverage on Packaging Corporation of America in a research note on Thursday, July 6th. They issued a “sector weight” rating on the stock. BidaskClub lowered Packaging Corporation of America from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) raised Packaging Corporation of America from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $105.00 to $111.00 in a research note on Thursday, July 13th. Finally, Wells Fargo & Company lowered Packaging Corporation of America from an “outperform” rating to a “market perform” rating in a research note on Monday, July 10th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Packaging Corporation of America 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.

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

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