Boston Partners Cuts Stake in Packaging Corporation of America (NYSE:PKG)

Boston Partners reduced its stake in shares of Packaging Corporation of America (NYSE:PKG) by 14.3% during the 1st quarter, HoldingsChannel reports. The fund owned 1,341,773 shares of the industrial products company’s stock after selling 223,578 shares during the period. Boston Partners’ holdings in Packaging Corporation of America were worth $265,658,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Clearstead Trust LLC grew its position in shares of Packaging Corporation of America by 118.6% during the first quarter. Clearstead Trust LLC now owns 129 shares of the industrial products company’s stock worth $26,000 after buying an additional 70 shares in the last quarter. TCTC Holdings LLC grew its position in shares of Packaging Corporation of America by 86.4% during the first quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company’s stock worth $30,000 after buying an additional 70 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in shares of Packaging Corporation of America during the first quarter worth approximately $39,000. Banque Cantonale Vaudoise acquired a new stake in shares of Packaging Corporation of America during the first quarter worth approximately $40,000. Finally, Manchester Capital Management LLC grew its position in shares of Packaging Corporation of America by 39.0% during the first quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company’s stock worth $40,000 after buying an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company’s stock.

Packaging Corporation of America Stock Performance

Packaging Corporation of America stock opened at $200.73 on Thursday. The company has a market cap of $18.06 billion, a PE ratio of 20.03, a P/E/G ratio of 2.34 and a beta of 0.85. The company has a fifty day moving average price of $196.97 and a two-hundred day moving average price of $197.19. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.54 and a quick ratio of 2.32. Packaging Corporation of America has a 12 month low of $172.71 and a 12 month high of $250.82.

Packaging Corporation of America (NYSE:PKG) last posted its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.04. The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.47%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $2.20 earnings per share. Research analysts expect that Packaging Corporation of America will post 10.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PKG shares. Truist Financial decreased their price target on shares of Packaging Corporation of America from $239.00 to $238.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Wells Fargo & Company raised their price target on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Jefferies Financial Group downgraded shares of Packaging Corporation of America from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Citigroup lifted their price objective on shares of Packaging Corporation of America from $197.00 to $214.00 and gave the stock a “neutral” rating in a report on Friday, July 25th. Finally, UBS Group lifted their price objective on shares of Packaging Corporation of America from $210.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, July 29th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $215.40.

About Packaging Corporation of America

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.