MUFG Securities EMEA plc Sells 48,999 Shares of Packaging Corporation of America (NYSE:PKG)

Key Points

• MUFG Securities EMEA plc reduced its stake in Packaging Corporation of America by 50.5%, selling 48,999 shares, leaving them with 48,000 shares worth approximately $9.5 million.
• Analysts have mixed opinions on the stock, with Jefferies lowering its rating from "buy" to "hold", while Wells Fargo raised its target price from $180 to $200.
• As of the latest report, 89.78% of Packaging Corporation of America's stock is owned by institutional investors, indicating significant interest from the institutional sector.

MUFG Securities EMEA plc trimmed its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 50.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,000 shares of the industrial products company's stock after selling 48,999 shares during the period. MUFG Securities EMEA plc owned about 0.05% of Packaging Corporation of America worth $9,505,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Manchester Capital Management LLC raised its stake 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 valued at $40,000 after acquiring an additional 57 shares during the last quarter. Cary Street Partners Financial LLC raised its stake in shares of Packaging Corporation of America by 0.7% during the first 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 last quarter. Exchange Traded Concepts LLC raised its stake in Packaging Corporation of America by 20.6% in the first quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company's stock worth $77,000 after buying an additional 66 shares in the last quarter. TCTC Holdings LLC lifted its holdings in Packaging Corporation of America by 86.4% in the first 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. Finally, Clearstead Trust LLC lifted 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 period. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corporation of America Stock Up 0.3%

Shares of NYSE PKG traded up $0.51 on Wednesday, reaching $199.47. 210,623 shares of the company's stock traded hands, compared to its average volume of 847,977. Packaging Corporation of America has a 12 month low of $172.71 and a 12 month high of $250.82. The business's 50 day simple moving average is $196.82 and its two-hundred day simple moving average is $197.16. The company has a market cap of $17.95 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 2.31 and a beta of 0.85. The company has a quick ratio of 2.32, a current ratio of 3.54 and a debt-to-equity ratio of 0.54.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $2.18 billion. During the same quarter in the prior year, the company posted $2.20 earnings per share. The business's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on PKG. 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 report on Friday, July 25th. Jefferies Financial Group lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $245.00 to $205.00 in a report on Monday, June 16th. 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 report on Tuesday, July 29th. Truist Financial lowered 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 report on Friday, July 25th. Finally, Wells Fargo & Company raised their price objective on shares of 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 equities 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 company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target 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.