Packaging Corporation of America (NYSE:PKG) Shares Acquired by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its holdings in Packaging Corporation of America by 46.5%, owning approximately 3.38% of the company, which is valued at around $601.76 million.
• Other institutional investors have also significantly raised their stakes in Packaging Corporation of America, with holdings by hedge funds comprising 89.78% of the total stock.
• The recent earnings report showed that the company posted $2.48 earnings per share, slightly above the consensus estimate, with a revenue of $2.17 billion for the quarter.

JPMorgan Chase & Co. increased its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,038,859 shares of the industrial products company's stock after purchasing an additional 964,085 shares during the period. JPMorgan Chase & Co. owned 3.38% of Packaging Corporation of America worth $601,755,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Manchester Capital Management LLC increased its position in Packaging Corporation of America by 39.0% in the 1st quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 57 shares during the period. Cary Street Partners Financial LLC increased its position in Packaging Corporation of America by 0.7% in the 1st quarter. Cary Street Partners Financial LLC now owns 8,759 shares of the industrial products company's stock valued at $1,735,000 after acquiring an additional 59 shares during the period. Exchange Traded Concepts LLC increased its position in Packaging Corporation of America by 20.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company's stock valued at $77,000 after acquiring an additional 66 shares during the period. TCTC Holdings LLC increased its position in Packaging Corporation of America by 86.4% in the 1st quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 70 shares during the period. Finally, Clearstead Trust LLC increased its position in Packaging Corporation of America by 118.6% in the 1st quarter. Clearstead Trust LLC now owns 129 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 70 shares during the period. Institutional investors own 89.78% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on PKG shares. Wells Fargo & Company raised their target price 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. Citigroup raised their target price on Packaging Corporation of America from $197.00 to $214.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Jefferies Financial Group cut Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their target price for the company from $245.00 to $205.00 in a research report on Monday, June 16th. UBS Group raised their target price on Packaging Corporation of America from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Finally, Truist Financial lowered their target price on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Five investment 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. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $215.40.

Packaging Corporation of America Price Performance

Shares of PKG stock traded up $1.77 during mid-day trading on Wednesday, hitting $200.73. 483,893 shares of the stock traded hands, compared to its average volume of 678,233. Packaging Corporation of America has a twelve month low of $172.71 and a twelve month high of $250.82. The firm has a market cap of $18.06 billion, a price-to-earnings ratio of 20.03, a price-to-earnings-growth ratio of 2.34 and a beta of 0.85. The company's 50-day simple moving average is $196.97 and its 200-day simple 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.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share (EPS) 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 company had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.18 billion. During the same period last year, the firm earned $2.20 EPS. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities 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.