CCM Investment Group LLC Invests $809,000 in Packaging Corporation of America (NYSE:PKG)

Key Points

• CCM Investment Group LLC acquired a new stake in Packaging Corporation of America (NYSE:PKG), purchasing 4,136 shares valued at approximately $809,000 during the first quarter.
• Analysts have varied outlooks on PKG, with average target price set at $215.40, while ratings include five holds, one buy, and one strong buy.
• The company reported earnings of $2.48 per share for the last quarter, exceeding estimates, with revenues of $2.17 billion showing a 4.7% year-over-year increase.

CCM Investment Group LLC acquired a new stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,136 shares of the industrial products company's stock, valued at approximately $809,000.

A number of other institutional investors have also recently modified their holdings of PKG. Cerity Partners LLC grew its position in shares of Packaging Corporation of America by 2.4% during the 4th quarter. Cerity Partners LLC now owns 16,211 shares of the industrial products company's stock valued at $3,613,000 after acquiring an additional 378 shares during the period. Advisory Services Network LLC boosted its holdings in Packaging Corporation of America by 2.2% in the 4th quarter. Advisory Services Network LLC now owns 5,140 shares of the industrial products company's stock worth $1,157,000 after buying an additional 112 shares during the last quarter. Martingale Asset Management L P boosted its holdings in Packaging Corporation of America by 3.1% in the 4th quarter. Martingale Asset Management L P now owns 3,513 shares of the industrial products company's stock worth $791,000 after buying an additional 107 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Packaging Corporation of America in the 4th quarter worth about $50,175,000. Finally, CenterBook Partners LP acquired a new stake in Packaging Corporation of America in the 4th quarter worth about $271,000. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PKG has been the topic of several research analyst reports. 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. Truist Financial lowered their price objective 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 boosted their target price on 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. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their target price for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Finally, UBS Group boosted their target price 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. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $215.40.

Packaging Corporation of America Trading Up 0.9%

Shares of PKG stock traded up $1.77 during trading on Wednesday, hitting $200.73. 483,893 shares of the stock traded hands, compared to its average volume of 678,233. The firm has a market capitalization of $18.06 billion, a P/E ratio of 20.03, a price-to-earnings-growth ratio of 2.34 and a beta of 0.85. 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 firm's fifty day moving average price is $196.97 and its 200-day moving average price is $197.19. Packaging Corporation of America has a 52-week low of $172.71 and a 52-week high of $250.82.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.44 by $0.04. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates 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 for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.20 EPS. As a group, research analysts forecast that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

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.