Gulf International Bank UK Ltd Sells 1,572 Shares of Packaging Corporation of America (NYSE:PKG)

Gulf International Bank UK Ltd reduced its stake in shares of Packaging Corporation of America (NYSE:PKG) by 22.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 5,467 shares of the industrial products company’s stock after selling 1,572 shares during the period. Gulf International Bank UK Ltd’s holdings in Packaging Corporation of America were worth $1,082,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Manchester Capital Management LLC grew its position in 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 valued at $40,000 after acquiring an additional 57 shares during the last quarter. Cary Street Partners Financial LLC grew its position in Packaging Corporation of America by 0.7% during the first quarter. Cary Street Partners Financial LLC now owns 8,759 shares of the industrial products company’s stock valued at $1,735,000 after acquiring an additional 59 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Packaging Corporation of America by 20.6% during the first quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company’s stock valued at $77,000 after acquiring an additional 66 shares during the last quarter. TCTC Holdings LLC grew its position in 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 valued at $30,000 after acquiring an additional 70 shares during the last quarter. Finally, Clearstead Trust LLC grew its position in 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 valued at $26,000 after acquiring an additional 70 shares during the last quarter. 89.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on PKG. Citigroup increased their price target on shares of Packaging Corporation of America from $197.00 to $214.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Truist Financial reduced their price target on shares of Packaging Corporation of America from $239.00 to $238.00 and set a “buy” rating on the stock in a research report on Friday, July 25th. UBS Group increased their price target on shares of Packaging Corporation of America from $210.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, July 29th. Jefferies Financial Group cut shares of Packaging Corporation of America from a “buy” rating to a “hold” rating and reduced their price target for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Finally, Wells Fargo & Company raised their target price on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $215.40.

Packaging Corporation of America Stock Down 1.6%

Shares of Packaging Corporation of America stock opened at $193.46 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.32 and a current ratio of 3.54. Packaging Corporation of America has a 52-week low of $172.71 and a 52-week high of $250.82. The stock has a market capitalization of $17.41 billion, a price-to-earnings ratio of 19.31, a P/E/G ratio of 2.31 and a beta of 0.85. The company’s 50 day moving average price is $196.95 and its 200-day moving average price is $196.58.

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

Packaging Corporation of America Company Profile

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.