Aigen Investment Management LP Buys 6,381 Shares of Packaging Corporation of America (NYSE:PKG)

Key Points

• Aigen Investment Management LP increased its stake in Packaging Corporation of America by 272.1%, owning 8,726 shares valued at approximately $1.73 million.
• Several hedge funds have also boosted their investments, with institutional investors owning 89.78% of the company's stock.
• Jefferies Financial Group downgraded the company’s rating from "buy" to "hold" while various firms adjusted price targets, with an average target now at $215.40.

Aigen Investment Management LP lifted its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 272.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,726 shares of the industrial products company's stock after purchasing an additional 6,381 shares during the period. Aigen Investment Management LP's holdings in Packaging Corporation of America were worth $1,728,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of 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 worth $40,000 after purchasing an additional 57 shares during the last quarter. Cary Street Partners Financial LLC increased its holdings in shares of Packaging Corporation of America by 0.7% during 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 last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Packaging Corporation of America by 20.6% during 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 last quarter. TCTC Holdings LLC increased its holdings in shares of Packaging Corporation of America by 86.4% during 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 last quarter. Finally, Clearstead Trust LLC increased its holdings in shares of Packaging Corporation of America by 118.6% during 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 last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PKG shares. Truist Financial lowered their price objective on Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Citigroup increased their target price on 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 target price on 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 downgraded Packaging Corporation of America from a "buy" rating to a "hold" rating and decreased their target price for the company from $245.00 to $205.00 in a research note on Monday, June 16th. Finally, UBS Group increased their target price on 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. Five 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 stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $215.40.

Packaging Corporation of America Stock Performance

Shares of PKG stock traded up $1.77 during mid-day trading on Wednesday, reaching $200.73. The stock had a trading volume of 483,893 shares, compared to its average volume of 849,791. The firm's 50 day simple moving average is $196.82 and its 200 day simple moving average is $197.16. 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 has a one year low of $172.71 and a one year high of $250.82. The firm has a market cap of $18.06 billion, a PE 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 announced its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.18 billion. Packaging Corporation of America had a return on equity of 20.08% and a net margin of 10.47%. The company's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $2.20 EPS. On average, analysts forecast that Packaging Corporation of America will post 10.44 EPS for the current year.

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.