Packaging Corporation of America (NYSE:PKG) Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its holdings in Packaging Corporation of America (NYSE:PKG) by 7.2%, owning approximately 0.07% of the company's stock worth $11.8 million after purchasing an additional 4,026 shares.
• Packaging Corporation of America reported $2.48 EPS for the last quarter, exceeding estimates, with revenue of $2.17 billion, marking a 4.7% year-over-year increase.
• Analysts have set varying price targets for PKG, with UBS raising their target to $220.00 and Citigroup to $214.00, while maintaining a "neutral" rating for the stock.

PNC Financial Services Group Inc. grew its holdings in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,820 shares of the industrial products company's stock after purchasing an additional 4,026 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of Packaging Corporation of America worth $11,846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PKG. Wellington Management Group LLP boosted its position in Packaging Corporation of America by 134.1% in the 4th quarter. Wellington Management Group LLP now owns 28,260 shares of the industrial products company's stock valued at $6,362,000 after buying an additional 16,190 shares during the period. Resona Asset Management Co. Ltd. purchased a new stake in Packaging Corporation of America during the 4th quarter valued at approximately $5,865,000. Cerity Partners LLC lifted its stake in shares of 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 worth $3,613,000 after acquiring an additional 378 shares during the period. Polymer Capital Management US LLC acquired a new stake in shares of Packaging Corporation of America in the 4th quarter valued at approximately $243,000. Finally, Invesco Ltd. lifted its stake in shares of Packaging Corporation of America by 0.8% in the fourth quarter. Invesco Ltd. now owns 1,853,092 shares of the industrial products company's stock valued at $417,187,000 after purchasing an additional 14,775 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Up 0.2%

Shares of NYSE PKG opened at $193.42 on Wednesday. The firm's 50-day simple moving average is $196.53 and its 200 day simple moving average is $198.69. Packaging Corporation of America has a 12-month low of $172.71 and a 12-month high of $250.82. The company has a quick ratio of 2.15, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The company has a market cap of $17.40 billion, a price-to-earnings ratio of 19.30, a price-to-earnings-growth ratio of 2.27 and a beta of 0.85.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.44 by $0.04. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.18 billion. Packaging Corporation of America had a net margin of 10.47% and a return on equity of 20.36%. The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the company posted $2.20 EPS. On average, research analysts expect that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PKG. UBS Group increased their price objective 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. Citigroup increased 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 report on Friday, July 25th. Wells Fargo & Company lifted 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 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 dropped their target price for the stock from $245.00 to $205.00 in a report on Monday, June 16th. Finally, Truist Financial cut their price objective on shares of Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating on the stock in a research 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.

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