Packaging Corporation of America (NYSE:PKG) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Packaging Corporation of America by 9.7%, acquiring a total of 155,462 shares worth approximately $30.8 million at the end of the most recent reporting period.
• Analysts have set varied price targets for Packaging Corporation of America, with Jefferies downgrading it from a "buy" to a "hold" at a target of $205.00, while Wells Fargo raised their target to $200.00.
• Packaging Corporation of America reported earnings of $2.48 per share for the most recent quarter, surpassing estimates and showing a 4.7% year-over-year revenue increase to $2.17 billion.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 155,462 shares of the industrial products company's stock after purchasing an additional 13,779 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.17% of Packaging Corporation of America worth $30,785,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PKG. Cerity Partners LLC raised its holdings in Packaging Corporation of America by 2.4% in the 4th quarter. Cerity Partners LLC now owns 16,211 shares of the industrial products company's stock valued at $3,613,000 after acquiring an additional 378 shares during the last quarter. Advisory Services Network LLC raised its holdings in Packaging Corporation of America by 2.2% in the 4th quarter. Advisory Services Network LLC now owns 5,140 shares of the industrial products company's stock valued at $1,157,000 after acquiring an additional 112 shares during the last quarter. Martingale Asset Management L P raised its holdings in Packaging Corporation of America by 3.1% in the 4th quarter. Martingale Asset Management L P now owns 3,513 shares of the industrial products company's stock valued at $791,000 after acquiring an additional 107 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Packaging Corporation of America in the 4th quarter valued at approximately $50,175,000. Finally, CenterBook Partners LP purchased a new stake in shares of Packaging Corporation of America in the 4th quarter valued at approximately $271,000. Institutional investors and hedge funds own 89.78% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on PKG shares. Citigroup increased their price target 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 increased their price target 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. UBS Group increased their price target 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. Jefferies Financial Group cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their price target for the company from $245.00 to $205.00 in a research note on Monday, June 16th. Finally, Truist Financial dropped 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 research note on Friday, July 25th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Packaging Corporation of America presently has a consensus rating of "Hold" and a consensus price target of $215.40.

Packaging Corporation of America Trading Up 0.9%

Packaging Corporation of America stock traded up $1.77 during trading on Wednesday, hitting $200.73. The company had a trading volume of 483,893 shares, compared to its average volume of 849,791. Packaging Corporation of America has a 1-year low of $172.71 and a 1-year high of $250.82. 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's 50 day simple moving average is $196.82 and its 200-day simple moving average is $197.16. The stock has a market cap of $18.06 billion, a price-to-earnings ratio of 20.03, a price-to-earnings-growth 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, beating 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 firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter 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, analysts expect that Packaging Corporation of America will post 10.44 EPS 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.