Nuveen LLC Takes Position in Packaging Corporation of America (NYSE:PKG)

Key Points

• Nuveen LLC has acquired a new stake in Packaging Corporation of America, purchasing 333,761 shares valued at approximately $66.1 million, which accounts for about 0.37% of the company's stock.
• Several institutional investors have increased their holdings in Packaging Corporation of America, with JPMorgan Chase & Co. raising its stake by 46.5%, owning now over 3 million shares valued at $601.8 million.
• Research firms have issued mixed ratings on PKG, with price targets ranging from $205.00 to $220.00, and an average consensus price target of $215.40.

Nuveen LLC bought a new stake in Packaging Corporation of America (NYSE:PKG - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 333,761 shares of the industrial products company's stock, valued at approximately $66,091,000. Nuveen LLC owned about 0.37% of Packaging Corporation of America as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PKG. JPMorgan Chase & Co. raised its holdings in shares of Packaging Corporation of America by 46.5% in the first quarter. JPMorgan Chase & Co. now owns 3,038,859 shares of the industrial products company's stock valued at $601,755,000 after buying an additional 964,085 shares during the last quarter. GAMMA Investing LLC raised its holdings in Packaging Corporation of America by 25,461.0% during the first quarter. GAMMA Investing LLC now owns 621,387 shares of the industrial products company's stock worth $123,047,000 after purchasing an additional 618,956 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in Packaging Corporation of America by 106.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 848,395 shares of the industrial products company's stock worth $190,999,000 after purchasing an additional 438,012 shares in the last quarter. Select Equity Group L.P. purchased a new position in Packaging Corporation of America during the fourth quarter worth about $72,339,000. Finally, Point72 Asset Management L.P. raised its holdings in 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 in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PKG. Jefferies Financial Group cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and cut their price target for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Wells Fargo & Company increased their price target 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. Truist Financial cut their price target 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. Citigroup increased their price target 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. Finally, UBS Group increased their price target 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. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Packaging Corporation of America presently has an average rating of "Hold" and a consensus price target of $215.40.

Packaging Corporation of America Trading Up 0.9%

Shares of PKG opened at $200.73 on Thursday. 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 firm's 50-day moving average is $196.97 and its two-hundred day moving average is $197.19. 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 capitalization of $18.06 billion, a P/E ratio of 20.03, a PEG ratio of 2.34 and a beta of 0.85.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.44 by $0.04. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.18 billion. Packaging Corporation of America had a net margin of 10.47% and a return on equity of 20.08%. The company's quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.20 earnings per share. On average, research analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal 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.

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