American Century Companies Inc. Purchases 187,800 Shares of Packaging Corporation of America $PKG

Key Points

• American Century Companies Inc. increased its stake in Packaging Corporation of America by 20.8%, now holding approximately 1.21% of the company worth about $215.90 million.
• Packaging Corporation of America reported an earnings per share (EPS) of $2.48, exceeding analysts' expectations of $2.44, with a quarterly revenue of $2.17 billion.
• Analysts have mixed views on the stock, with five ratings as hold, one as buy, and one as strong buy, alongside a consensus price target of $215.40.

American Century Companies Inc. lifted its position in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 20.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,090,307 shares of the industrial products company's stock after purchasing an additional 187,800 shares during the period. American Century Companies Inc. owned about 1.21% of Packaging Corporation of America worth $215,903,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Townsquare Capital LLC boosted its holdings in Packaging Corporation of America by 15.3% in the fourth quarter. Townsquare Capital LLC now owns 3,217 shares of the industrial products company's stock valued at $724,000 after acquiring an additional 426 shares during the last quarter. Mariner LLC boosted its holdings in Packaging Corporation of America by 2.7% in the fourth quarter. Mariner LLC now owns 35,964 shares of the industrial products company's stock valued at $8,097,000 after acquiring an additional 957 shares during the last quarter. Guggenheim Capital LLC boosted its holdings in Packaging Corporation of America by 1.2% in the fourth quarter. Guggenheim Capital LLC now owns 15,554 shares of the industrial products company's stock valued at $3,502,000 after acquiring an additional 185 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Packaging Corporation of America by 26.3% in the fourth quarter. NewEdge Advisors LLC now owns 14,398 shares of the industrial products company's stock valued at $3,241,000 after acquiring an additional 2,997 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Packaging Corporation of America in the fourth quarter valued at approximately $31,432,000. 89.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on PKG. Truist Financial reduced their target price on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Wells Fargo & Company upped their target price on Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. UBS Group upped their target price on Packaging Corporation of America from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their target price for the company from $245.00 to $205.00 in a report on Monday, June 16th. Finally, Citigroup upped their target price on Packaging Corporation of America from $197.00 to $214.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $215.40.

Packaging Corporation of America Trading Up 0.3%

Shares of Packaging Corporation of America stock traded up $0.58 on Monday, reaching $194.00. 670,938 shares of the company's stock were exchanged, compared to its average volume of 662,659. The company has a market capitalization of $17.46 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 2.27 and a beta of 0.85. Packaging Corporation of America has a 52 week low of $172.71 and a 52 week high of $250.82. The firm's 50-day moving average is $196.90 and its two-hundred day moving average is $196.20. 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 (NYSE:PKG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 20.08% and a net margin of 10.47%. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.20 EPS. Sell-side analysts predict 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.