Summit Financial Strategies adds Packaging Corp Of America (PKG) to its portfolio

Packaging Corp Of America (PKG) : Summit Financial Strategies added new position in Packaging Corp Of America during the most recent quarter end. The investment management firm now holds 89,949 shares of Packaging Corp Of America which is valued at $5,875,469 , the company said in a statement filed on May 9, 2016 with the SEC.Packaging Corp Of America makes up approximately 4.31% of Summit Financial Strategies’s portfolio.

Other Hedge Funds, Including , Commonwealth Of Pennsylvania Public School Empls Retrmt Sys reduced its stake in PKG by selling 11,276 shares or 40.09% in the most recent quarter. The Hedge Fund company now holds 16,848 shares of PKG which is valued at $1,100,511. Packaging Corp Of America makes up approx 0.02% of Commonwealth Of Pennsylvania Public School Empls Retrmt Sys’s portfolio.Cibc World Markets reduced its stake in PKG by selling 9,963 shares or 70.69% in the most recent quarter. The Hedge Fund company now holds 4,131 shares of PKG which is valued at $269,672.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 $3,948,983. Packaging Corp Of America makes up approx 0.06% of Cambiar Investors’s portfolio.Liberty Capital Management reduced its stake in PKG by selling 1,495 shares or 11.99% in the most recent quarter. The Hedge Fund company now holds 10,970 shares of PKG which is valued at $711,734. Packaging Corp Of America makes up approx 0.55% of Liberty Capital Management’s portfolio.

Packaging Corp Of America closed down -1.01 points or -1.52% at $65.32 with 3,91,693 shares getting traded on Friday. Post opening the session at $65.96, the shares hit an intraday low of $65.06 and an intraday high of $66.38 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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