Benjamin Edwards Inc. Lowers Stock Holdings in Packaging Corporation of America (NYSE:PKG)

Key Points

• Benjamin Edwards Inc. reduced its holdings in Packaging Corporation of America (NYSE:PKG) by 14.4%, selling 5,226 shares and now retaining 31,134 shares valued at $6,165,000.
• Other institutional investors have been actively modifying their positions, with JPMorgan Chase & Co. increasing its stake by 46.5%, while GAMMA Investing LLC grew its holdings by an explosive 25,461.0% during the same quarter.
• Packaging Corporation of America reported a quarterly earnings per share (EPS) of $2.48, surpassing analyst expectations, with a year-over-year revenue increase of 4.7% to $2.17 billion.

Benjamin Edwards Inc. lowered its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 14.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,134 shares of the industrial products company's stock after selling 5,226 shares during the quarter. Benjamin Edwards Inc.'s holdings in Packaging Corporation of America were worth $6,165,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of PKG. Clearstead Trust LLC increased 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 acquiring an additional 70 shares during the period. TCTC Holdings LLC increased 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 acquiring an additional 70 shares during the period. Alpine Bank Wealth Management purchased a new stake in shares of Packaging Corporation of America during the first quarter worth $39,000. Banque Cantonale Vaudoise purchased a new position in Packaging Corporation of America in the first quarter valued at $40,000. Finally, Manchester Capital Management LLC increased its holdings in Packaging Corporation of America by 39.0% in the first quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock valued at $40,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 89.78% of the company's stock.

Packaging Corporation of America Stock Performance

Shares of PKG stock traded up $2.44 during mid-day trading on Tuesday, hitting $199.06. 520,614 shares of the stock were exchanged, compared to its average volume of 678,075. The stock's fifty day simple moving average is $196.82 and its two-hundred day simple moving average is $197.16. The stock has a market capitalization of $17.91 billion, a price-to-earnings ratio of 19.87, a P/E/G ratio of 2.31 and a beta of 0.85. Packaging Corporation of America has a 12-month low of $172.71 and a 12-month high of $250.82. 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 issued its quarterly earnings data 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. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.47%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the company posted $2.20 earnings per share. The business's quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PKG shares. Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their target price for the company from $245.00 to $205.00 in a report on Monday, June 16th. Wells Fargo & Company increased 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. Citigroup increased 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. UBS Group increased 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. Finally, Truist Financial dropped 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. Five equities 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 data from MarketBeat, Packaging Corporation of America presently has a consensus rating of "Hold" and an average target price of $215.40.

Packaging Corporation of America 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.