Forsta AP Fonden Has $3.37 Million Position in Packaging Corporation of America (NYSE:PKG)

Key Points

• Forsta AP Fonden has reduced its stake in Packaging Corporation of America by 10.1%, selling 1,900 shares, and now holds 17,000 shares valued at approximately $3.37 million.
• Institutional investors own 89.78% of the company's stock, with several firms modifying their positions recently, including Cerity Partners and Sterling Capital Management.
• Packaging Corporation of America reported quarterly earnings of $2.48 per share, exceeding expectations, while its revenue reached $2.17 billion, indicating a year-over-year growth of 4.7%.

Forsta AP Fonden trimmed its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 10.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,000 shares of the industrial products company's stock after selling 1,900 shares during the period. Forsta AP Fonden's holdings in Packaging Corporation of America were worth $3,366,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PKG. Clearstead Trust LLC grew its holdings 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 purchasing an additional 70 shares during the last quarter. TCTC Holdings LLC grew its holdings 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 purchasing an additional 70 shares during the last quarter. Alpine Bank Wealth Management bought a new stake in shares of Packaging Corporation of America during the first quarter worth $39,000. Banque Cantonale Vaudoise bought a new stake in shares of Packaging Corporation of America during the first quarter worth $40,000. Finally, Manchester Capital Management LLC grew its holdings in shares of 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 worth $40,000 after purchasing an additional 57 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Packaging Corporation of America Trading Up 0.9%

NYSE:PKG traded up $1.77 during mid-day trading on Wednesday, hitting $200.73. The company had a trading volume of 483,893 shares, compared to its average volume of 678,233. Packaging Corporation of America has a fifty-two week low of $172.71 and a fifty-two week high of $250.82. The business's fifty day moving average is $196.97 and its two-hundred day 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 cap 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 (NYSE:PKG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share for the quarter, beating 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 firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the prior year, the firm posted $2.20 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. As a group, research analysts expect that Packaging Corporation of America will post 10.44 earnings per share for the current 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.