Invesco Ltd. Decreases Holdings in Packaging Corporation of America (NYSE:PKG)

Key Points

• Invesco Ltd. has reduced its stake in Packaging Corporation of America by 25.9%, selling 479,558 shares, and now owns 1.53% of the company valued at approximately $271.99 million.
• While Invesco decreased its holdings, other hedge funds, such as JPMorgan Chase and GAMMA Investing LLC, significantly increased their investments, with JPMorgan boosting its holdings by 46.5% in the same quarter.
• Packaging Corporation of America reported earnings of $2.48 per share, surpassing analysts' expectations, and experienced a 4.7% year-over-year revenue growth despite slightly missing revenue estimates.

Invesco Ltd. lessened its position in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 25.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,373,534 shares of the industrial products company's stock after selling 479,558 shares during the quarter. Invesco Ltd. owned approximately 1.53% of Packaging Corporation of America worth $271,987,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Clearstead Trust LLC increased its position in Packaging Corporation of America by 118.6% during the 1st quarter. Clearstead Trust LLC now owns 129 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 70 shares during the period. TCTC Holdings LLC grew its position in shares of Packaging Corporation of America by 86.4% during the 1st quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock worth $30,000 after buying an additional 70 shares during the period. Alpine Bank Wealth Management acquired a new stake in shares of Packaging Corporation of America during the 1st quarter worth approximately $39,000. Banque Cantonale Vaudoise acquired a new stake in shares of Packaging Corporation of America during the 1st quarter worth approximately $40,000. Finally, Manchester Capital Management LLC grew its position in shares of Packaging Corporation of America by 39.0% during the 1st quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock worth $40,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 89.78% of the company's stock.

Packaging Corporation of America Stock Down 1.6%

Shares of PKG traded down $3.06 during trading hours on Friday, reaching $193.46. The stock had a trading volume of 797,523 shares, compared to its average volume of 668,462. Packaging Corporation of America has a 12 month low of $172.71 and a 12 month high of $250.82. The firm has a 50-day simple moving average of $196.95 and a 200 day simple moving average of $196.45. The company has a current ratio of 3.54, a quick ratio of 2.32 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $17.41 billion, a price-to-earnings ratio of 19.31, a P/E/G ratio of 2.27 and a beta of 0.85.

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 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 business had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.18 billion. During the same period last year, the business earned $2.20 EPS. The business's revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group raised their price objective on shares of Packaging Corporation of America from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Citigroup raised their price objective on shares of Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Truist Financial reduced their price objective 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. Jefferies Financial Group downgraded shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $245.00 to $205.00 in a research report on Monday, June 16th. Finally, Wells Fargo & Company increased 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. Five investment 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $215.40.

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.