Atria Wealth Solutions Inc. Decreases Stock Position in Packaging Corporation of America (NYSE:PKG)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Packaging Corporation of America by 34.8%, selling 2,488 shares to own 4,659 shares valued at approximately $926,000.
• Multiple institutional investors increased their holdings in the company, with Clearstead Trust LLC growing by 118.6% during the same quarter.
• Wall Street analysts have varying ratings on the stock, with a consensus average rating of "Hold" and a price target around $215.40.

Atria Wealth Solutions Inc. reduced its holdings in Packaging Corporation of America (NYSE:PKG - Free Report) by 34.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,659 shares of the industrial products company's stock after selling 2,488 shares during the period. Atria Wealth Solutions Inc.'s holdings in Packaging Corporation of America were worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Packaging Corporation of America by 25,461.0% in the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock valued at $123,047,000 after purchasing an additional 618,956 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of Packaging Corporation of America by 106.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock valued at $190,999,000 after purchasing an additional 438,012 shares during the period. Select Equity Group L.P. purchased a new stake in shares of Packaging Corporation of America in the fourth quarter valued at about $72,339,000. Point72 Asset Management L.P. grew its holdings in shares of Packaging Corporation of America by 642.7% in the fourth quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company's stock valued at $61,192,000 after purchasing an additional 235,211 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Packaging Corporation of America in the 4th quarter valued at about $50,175,000. 89.78% of the stock is owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Up 0.9%

Shares of PKG traded up $1.77 during midday trading on Wednesday, hitting $200.73. The company had a trading volume of 483,893 shares, compared to its average volume of 678,233. The company's 50-day simple moving average is $196.97 and its 200-day simple moving average is $197.19. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.32 and a current ratio of 3.54. The firm has a market capitalization of $18.06 billion, a P/E ratio of 20.03, a P/E/G ratio of 2.34 and a beta of 0.85. Packaging Corporation of America has a 1 year low of $172.71 and a 1 year high of $250.82.

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

Analyst Ratings Changes

Several brokerages recently issued reports on PKG. UBS Group boosted their price objective on shares of Packaging Corporation of America from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Citigroup raised 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. Wells Fargo & Company raised 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. Truist Financial lowered their target price on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company in a report on Friday, July 25th. Finally, Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their target price for the company from $245.00 to $205.00 in a report on Monday, June 16th. Five investment 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price 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.