Company shares are trading at $117.26 which is just a bit higher than the 50 day moving average of $111.39 and significantly higher than the 200 day moving average of $103.63. The 50 day moving average moved up $5.87 and the 200 day average was up $13.63. Trading was light with 1,062K shares changing hands by the end of trading on Wednesday. Shares saw a steep decrease in trading volume of 29.43% under the normal average daily volume.
Investors are feeling more bullish of late if you watch the fall in short interest. The stock experienced a fall in short interest from August 15, 2017 to August 31, 2017 of -8.42%. Short interest decreased from 2,661,218 to 2,437,013 over that period. Days to cover decreased 0.0 to 3.0 and the percentage of shorted shares is 0.03% as of August 31.
There has been some selling insider activity on Packaging Corporation of Americ (NYSE:PKG) recently. Exec. VP Thomas A. Hassfurther disclosed the sale of 6,000 shares of PKG stock. The shares were sold on September 12th for an average price of $117.94. The Exec. VP now owns $6,446,836 of the stock per the Form 4 SEC filing.
A few notable investment firms have updated their holdings. As of the end of the quarter Cantab Capital Partners Llp had acquired 2,742 shares growing its stake by 25.2%. The value of the investment in PKG went from $998,000 to $1,519,000,000 increasing 152,104.4% quarter to quarter. As of quarter end Edge Asset Management, Inc had bought a total of 17,248 shares growing its holdings by 4.5%. The value in dollars increased from $32,550,000 to $36,740,000 a change of 12.9% for the reporting period.
12th Street Asset Management Company, LLC grew its position by buying 75,023 shares an increase of 106.1% as of 06/30/2017. 12th Street Asset Management Company, LLC now holds 145,740 shares with a value of $16,234,000. The total value of its holdings increased 150.6%. As of the end of the quarter Next Financial Group, Inc had bought a total of 30 shares growing its position 30.0%. The value of the investment in (PKG) went from $10,000 to $14,000,000 a change of $13,990,000 quarter over quarter.
On July 13, 2017 the stock rating was set at “Neutral” in a report from Goldman Sachs which was a boost from the previous “Sell” rating. Equity analyst KeyBanc starting coverage on the stock by announcing an initial rating of “Sector Weight”.
The company is now up since yesterday’s close of 116.22. The company also recently declared a dividend for shareholders that will be paid on Fri Oct 13, 2017. The dividend payment will be $0.630 per share for the quarter or $2.52 annualized. This dividend amount will represent a yield of $2.17. The ex-dividend date has been established as Thursday the 14th of September 2017.
The most current P/E ratio is 22.59 and the market cap of the company is 10.98B. As of the last earnings report the EPS was $5.19 and is expected to be $6.02 for the current year with 93,651,000 shares presently outstanding. Next quarter’s EPS is forecasted to be $1.55 with next year’s EPS projected to be $6.69.
Packaging Corporation of America (PCA), launched on January 25, 1999, 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. As of December 31, 2016, the Company operated five containerboard mills, three paper mills and 94 corrugated products manufacturing plants..