National Bank of Canada FI Acquires 25,708 Shares of Packaging Corporation of America (NYSE:PKG)

Key Points

• National Bank of Canada FI increased its stake in Packaging Corporation of America by 33.1%, owning 103,421 shares valued at approximately $20.5 million as of the end of the last quarter.
• Packaging Corporation of America reported quarterly earnings of $2.48 EPS, surpassing analysts’ expectations, while its revenue was $2.17 billion, slightly below forecasts.
• Analysts have varied price targets for the stock, with the consensus target set at $215.40 and ratings ranging from "buy" to "hold".

National Bank of Canada FI grew its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 33.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 103,421 shares of the industrial products company's stock after purchasing an additional 25,708 shares during the period. National Bank of Canada FI owned approximately 0.12% of Packaging Corporation of America worth $20,479,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its holdings in Packaging Corporation of America by 25,461.0% in the 1st quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock valued at $123,047,000 after acquiring an additional 618,956 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Packaging Corporation of America by 106.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock valued at $190,999,000 after buying an additional 438,012 shares during the last quarter. Select Equity Group L.P. purchased a new position in Packaging Corporation of America in the 4th quarter valued at about $72,339,000. Point72 Asset Management L.P. lifted its position in shares of Packaging Corporation of America by 642.7% during the fourth quarter. Point72 Asset Management L.P. now owns 271,806 shares of the industrial products company's stock worth $61,192,000 after purchasing an additional 235,211 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Packaging Corporation of America during the fourth quarter worth about $50,175,000. Hedge funds and other institutional investors own 89.78% of the company's stock.

Packaging Corporation of America Price Performance

Packaging Corporation of America stock traded up $1.77 during trading hours on Wednesday, hitting $200.73. 483,893 shares of the stock were exchanged, compared to its average volume of 849,791. Packaging Corporation of America has a 12 month low of $172.71 and a 12 month high of $250.82. 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 business's 50-day moving average is $196.82 and its two-hundred day moving average is $197.16. The stock has a market capitalization of $18.06 billion, a P/E ratio of 20.03, a P/E/G ratio of 2.31 and a beta of 0.85.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share 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 company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the business posted $2.20 earnings per share. The business's revenue for the quarter was up 4.7% compared to the same quarter last year. Equities research analysts expect that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on PKG. UBS Group boosted their target price 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. Citigroup raised their price objective 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. Wells Fargo & Company raised their price objective 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. Jefferies Financial Group cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their target price for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Finally, Truist Financial reduced 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 report on Friday, July 25th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $215.40.

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.