Santa Barbara Asset Management Lowers stake in Packaging Corp Of America (PKG)

Packaging Corp Of America (PKG) : Santa Barbara Asset Management reduced its stake in Packaging Corp Of America by 1.7% during the most recent quarter end. The investment management company now holds a total of 1,938,481 shares of Packaging Corp Of America which is valued at $126.6 Million after selling 33,576 shares in Packaging Corp Of America , the firm said in a disclosure report filed with the SEC on May 11, 2016.Packaging Corp Of America makes up approximately 2.49% of Santa Barbara Asset Management’s portfolio.

Other Hedge Funds, Including , Andra Ap-fonden boosted its stake in PKG in the latest quarter, The investment management firm added 5,000 additional shares and now holds a total of 33,500 shares of Packaging Corp Of America which is valued at $2.2 Million. Packaging Corp Of America makes up approx 0.06% of Andra Ap-fonden’s portfolio.Parkside Financial Bank Trust reduced its stake in PKG by selling 9 shares or 42.86% in the most recent quarter. The Hedge Fund company now holds 12 shares of PKG which is valued at $783.Cambiar Investors boosted its stake in PKG in the latest quarter, The investment management firm added 19,900 additional shares and now holds a total of 60,493 shares of Packaging Corp Of America which is valued at $3.9 Million. Packaging Corp Of America makes up approx 0.06% of Cambiar Investors’s portfolio.

Packaging Corp Of America opened for trading at $65.32 and hit $66.74 on the upside on Monday, eventually ending the session at $66.45, with a gain of 1.73% or 1.13 points. The heightened volatility saw the trading volume jump to 6,03,431 shares. Company has a market cap of $6,254 M.

On the company’s financial health, Packaging Corp Of America reported $1.11 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $1.01. The company had revenue of $1401.00 million for the quarter, compared to analysts expectations of $1398.13 million. The company’s revenue was down -1.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.01 EPS.

Many Wall Street Analysts have commented on Packaging Corp Of America. Packaging Corp Of America was Downgraded by Dundee to ” Neutral” on Apr 11, 2016. Company shares were Reiterated by Deutsche Bank on Apr 11, 2016 to “Buy”, Firm has raised the Price Target to $ 68 from a previous price target of $62 .

Packaging Corporation of America (PCA) is a producer of containerboard and white papers. The Company operates eight mills and 99 corrugated products manufacturing plants. The Company’s operations are primarily in the United States and it has converting operations in Europe Mexico and Canada. The Company operates through three segments: Packaging Paper and Corporate and Other. The Company’s corrugated products manufacturing plants produce a variety of corrugated packaging products including shipping containers used to protect and transport manufactured goods multi-color boxes and displays. It manufactures its Packaging products at five containerboard mills one containerboard machine corrugated manufacturing operations and protective packaging operations. Its Paper segment manufactures and sells white papers. Its Corporate and Other segment includes corporate support staff services and related assets and liabilities and foreign exchange gains and losses.

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