Packaging Corporation of America (NYSE:PKG) Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC reduced its stake in Packaging Corporation of America by 12.6%, now owning approximately 0.26% of the company, valued at $45.56 million.
• Several institutional investors increased their positions in Packaging Corporation of America, with Clearstead Trust LLC growing its stake by 118.6% in the first quarter.
• The company reported an EPS of $2.48 for the last quarter, surpassing analysts' expectations, and projected 10.44 EPS for the current fiscal year.

HighTower Advisors LLC decreased its stake in Packaging Corporation of America (NYSE:PKG - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,081 shares of the industrial products company's stock after selling 33,138 shares during the quarter. HighTower Advisors LLC owned approximately 0.26% of Packaging Corporation of America worth $45,561,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PKG. Clearstead Trust LLC grew its position in shares of Packaging Corporation of America by 118.6% in the first quarter. Clearstead Trust LLC now owns 129 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 70 shares during the period. TCTC Holdings LLC grew its position in shares of Packaging Corporation of America by 86.4% in the first quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 70 shares during the period. Alpine Bank Wealth Management acquired a new stake in shares of Packaging Corporation of America in the first quarter valued at about $39,000. Banque Cantonale Vaudoise acquired a new stake in shares of Packaging Corporation of America in the first quarter valued at about $40,000. Finally, Manchester Capital Management LLC grew its position in shares of Packaging Corporation of America by 39.0% in the first quarter. Manchester Capital Management LLC now owns 203 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 89.78% of the company's stock.

Packaging Corporation of America Stock Performance

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 price is $196.97 and its 200 day moving average price 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 PE 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 issued its earnings results 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. 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 the consensus estimate of $2.18 billion. During the same period in the previous year, the firm earned $2.20 earnings per share. Packaging Corporation of America's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts expect that Packaging Corporation of America will post 10.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PKG. Jefferies Financial Group lowered shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and dropped their target price for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Wells Fargo & Company boosted 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 report on Thursday, July 10th. Truist Financial lowered their price target 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. UBS Group boosted 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 research report on Tuesday, July 29th. Finally, Citigroup boosted 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 research report on Friday, July 25th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $215.40.

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.

Want to see what other hedge funds are holding PKG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Packaging Corporation of America (NYSE:PKG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.