Citigroup Inc. Buys 10,840 Shares of Packaging Corporation of America $PKG

Citigroup Inc. increased its position in Packaging Corporation of America (NYSE:PKG - Free Report) by 12.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 101,414 shares of the industrial products company's stock after buying an additional 10,840 shares during the period. Citigroup Inc. owned 0.11% of Packaging Corporation of America worth $20,082,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several equities analysts have commented on the company. UBS Group increased their price target 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. Truist Financial lowered their price target 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. Citigroup increased their price target 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. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price objective for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Finally, Wells Fargo & Company increased their price objective on Packaging Corporation of America from $180.00 to $200.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $215.40.

Packaging Corporation of America Stock Performance

PKG stock traded up $0.80 during midday trading on Monday, hitting $194.22. The stock had a trading volume of 236,397 shares, compared to its average volume of 842,664. The firm has a market capitalization of $17.48 billion, a price-to-earnings ratio of 19.38, a P/E/G 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 stock has a 50-day simple moving average of $196.95 and a 200 day simple moving average of $196.33. The company has a current ratio of 3.54, a quick ratio of 2.32 and a debt-to-equity ratio of 0.54.

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

Packaging Corporation of America Company 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.