1,900 Shares in Packaging Corporation of America (NYSE:PKG) Bought by Wolverine Asset Management LLC

Key Points

• Wolverine Asset Management LLC purchased 1,900 shares of Packaging Corporation of America (PKG) valued at approximately $376,000 in the first quarter of the year.
• Analysts have recently adjusted their price targets for PKG, with UBS and Wells Fargo increasing their targets to $220.00 and $200.00 respectively, while Jefferies downgraded the stock, lowering its target to $205.00.
• Packaging Corporation of America reported $2.48 per share earnings in its latest quarter, surpassing expectations and showing a 4.7% year-over-year revenue growth.

Wolverine Asset Management LLC bought a new stake in Packaging Corporation of America (NYSE:PKG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,900 shares of the industrial products company's stock, valued at approximately $376,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clearstead Trust LLC grew its holdings in Packaging Corporation of America by 118.6% in the 1st quarter. Clearstead Trust LLC now owns 129 shares of the industrial products company's stock valued at $26,000 after buying an additional 70 shares during the last quarter. TCTC Holdings LLC lifted its position in shares of Packaging Corporation of America by 86.4% in the 1st quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock worth $30,000 after acquiring an additional 70 shares during the period. Alpine Bank Wealth Management acquired a new stake in shares of Packaging Corporation of America during the 1st quarter worth approximately $39,000. Banque Cantonale Vaudoise acquired a new stake in shares of Packaging Corporation of America during the 1st quarter worth approximately $40,000. Finally, Manchester Capital Management LLC grew its holdings in shares of Packaging Corporation of America by 39.0% during the 1st quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock worth $40,000 after purchasing an additional 57 shares in the last quarter. Institutional investors and hedge funds own 89.78% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PKG. Citigroup lifted their price objective on Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. UBS Group lifted their price objective on Packaging Corporation of America from $210.00 to $220.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Wells Fargo & Company raised their target price on 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. Truist Financial cut their target price on 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. Finally, Jefferies Financial Group downgraded Packaging Corporation of America from a "buy" rating to a "hold" rating and cut their target price for the stock from $245.00 to $205.00 in a research report on Monday, June 16th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $215.40.

Packaging Corporation of America Trading Up 0.9%

Shares of PKG stock traded up $1.77 on Wednesday, reaching $200.73. 483,893 shares of the stock were exchanged, compared to its average volume of 849,791. The stock has a market cap of $18.06 billion, a PE ratio of 20.03, a P/E/G ratio of 2.31 and a beta of 0.85. Packaging Corporation of America has a one year low of $172.71 and a one year high of $250.82. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.54 and a quick ratio of 2.32. The stock has a 50 day moving average price of $196.82 and a 200 day moving average price of $197.16.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.20 earnings per share. Equities research analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

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.