Santa Barbara Asset Management buys $137,868,628 stake in Packaging Corp Of America (PKG)

Packaging Corp Of America (PKG) : Santa Barbara Asset Management scooped up 13,305 additional shares in Packaging Corp Of America during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 1,603,683 shares of Packaging Corp Of America which is valued at $137,868,628.Packaging Corp Of America makes up approximately 2.55% of Santa Barbara Asset Management’s portfolio.

Other Hedge Funds, Including , Sciencast Management Lp sold out all of its stake in PKG during the most recent quarter. The investment firm sold 3,100 shares of PKG which is valued $266,507.New York State Common Retirement Fund reduced its stake in PKG by selling 50,980 shares or 18.61% in the most recent quarter. The Hedge Fund company now holds 222,900 shares of PKG which is valued at $17,684,886. Packaging Corp Of America makes up approx 0.03% of New York State Common Retirement Fund’s portfolio.Bronfman E.l. Rothschild boosted its stake in PKG in the latest quarter, The investment management firm added 9 additional shares and now holds a total of 2,383 shares of Packaging Corp Of America which is valued at $188,424. Packaging Corp Of America makes up approx 0.03% of Bronfman E.l. Rothschild’s portfolio.Arizona State Retirement System reduced its stake in PKG by selling 2,600 shares or 5.02% in the most recent quarter. The Hedge Fund company now holds 49,145 shares of PKG which is valued at $3,918,331. Packaging Corp Of America makes up approx 0.06% of Arizona State Retirement System’s portfolio.Howe Rusling Inc reduced its stake in PKG by selling 3 shares or 7.89% in the most recent quarter. The Hedge Fund company now holds 35 shares of PKG which is valued at $2,891.

Packaging Corp Of America opened for trading at $86.77 and hit $87.75 on the upside on Monday, eventually ending the session at $87.51, with a gain of 0.84% or 0.73 points. The heightened volatility saw the trading volume jump to 6,36,503 shares. Company has a market cap of $8,246 M.

On the company’s financial health, Packaging Corp Of America reported $1.30 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Oct 19, 2016. Analyst had a consensus of $1.31. The company had revenue of $1484.00 million for the quarter, compared to analysts expectations of $1460.60 million. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.26 EPS.

Many Wall Street Analysts have commented on Packaging Corp Of America. Packaging Corp Of America was Upgraded by BofA/Merrill to ” Buy” on Oct 18, 2016. Goldman Initiated Packaging Corp Of America on Sep 22, 2016 to “Sell”, Price Target of the shares are set at $77.

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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