Gulf International Bank UK Ltd Decreases Stake in Packaging Corporation of America $PKG

Key Points

• Gulf International Bank UK Ltd reduced its stake in Packaging Corporation of America by 22.3%, selling 1,572 shares in Q1, leaving them with 5,467 shares valued at approximately $1,082,000.
• Packaging Corporation of America received multiple changes in price targets from analysts, with Citigroup raising its target from $197.00 to $214.00 and maintaining a "neutral" rating.
• The company's latest earnings report revealed an EPS of $2.48, surpassing estimates, with year-over-year revenue growth of 4.7%.

Gulf International Bank UK Ltd lessened its holdings in Packaging Corporation of America (NYSE:PKG - Free Report) by 22.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,467 shares of the industrial products company's stock after selling 1,572 shares during the period. Gulf International Bank UK Ltd's holdings in Packaging Corporation of America were worth $1,082,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Townsquare Capital LLC lifted its position in Packaging Corporation of America by 15.3% during the fourth quarter. Townsquare Capital LLC now owns 3,217 shares of the industrial products company's stock valued at $724,000 after acquiring an additional 426 shares during the last quarter. Mariner LLC lifted its position in Packaging Corporation of America by 2.7% during the fourth quarter. Mariner LLC now owns 35,964 shares of the industrial products company's stock valued at $8,097,000 after acquiring an additional 957 shares during the last quarter. Guggenheim Capital LLC lifted its position in Packaging Corporation of America by 1.2% during the fourth quarter. Guggenheim Capital LLC now owns 15,554 shares of the industrial products company's stock valued at $3,502,000 after acquiring an additional 185 shares during the last quarter. NewEdge Advisors LLC lifted its position in Packaging Corporation of America by 26.3% during the fourth quarter. NewEdge Advisors LLC now owns 14,398 shares of the industrial products company's stock valued at $3,241,000 after acquiring an additional 2,997 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Packaging Corporation of America during the fourth quarter valued at approximately $31,432,000. Hedge funds and other institutional investors own 89.78% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PKG shares. Truist Financial decreased their target price on shares of Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Wells Fargo & Company upped their price target on shares of 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 shares of 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 shares of 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. Finally, UBS Group upped their price target on shares of 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. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Packaging Corporation of America presently has an average rating of "Hold" and an average price target of $215.40.

Packaging Corporation of America Price Performance

Shares of NYSE:PKG traded up $0.58 during midday trading on Monday, hitting $194.00. The company's stock had a trading volume of 670,938 shares, compared to its average volume of 662,659. The business's 50 day simple moving average is $196.90 and its 200 day simple moving average is $196.20. 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 company has a market cap of $17.46 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 2.27 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.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released 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 net margin of 10.47% and a return on equity of 20.08%. The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.18 billion. During the same period last year, the business earned $2.20 earnings per share. Packaging Corporation of America's 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.

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.