Versor Investments LP Decreases Stock Holdings in Packaging Corporation of America $PKG

Key Points

• Versor Investments LP has reduced its stake in Packaging Corporation of America by 19.2%, now holding 5,821 shares worth approximately $1.15 million.
• Other hedge funds have adjusted their positions, with Manchester Capital Management increasing its stake by 39.0% and TCTC Holdings boosting its stake by 86.4% during the same period.
• Packaging Corporation of America posted earnings of $2.48 per share, exceeding analyst expectations, while the company’s revenue showed a 4.7% year-over-year increase.

Versor Investments LP reduced its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 19.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,821 shares of the industrial products company's stock after selling 1,379 shares during the quarter. Versor Investments LP's holdings in Packaging Corporation of America were worth $1,153,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Manchester Capital Management LLC lifted its stake in shares of Packaging Corporation of America by 39.0% during 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 lifted its stake 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 worth $1,735,000 after purchasing an additional 59 shares during the last quarter. Horizon Investments LLC lifted its stake in shares of Packaging Corporation of America by 4.8% during the 1st quarter. Horizon Investments LLC now owns 1,291 shares of the industrial products company's stock worth $256,000 after purchasing an additional 59 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake 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 worth $77,000 after purchasing an additional 66 shares during the last quarter. Finally, TCTC Holdings LLC lifted its stake 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 worth $30,000 after purchasing an additional 70 shares during the last quarter. 89.78% of the stock is currently owned by hedge funds and other institutional investors.

Packaging Corporation of America Trading Down 1.6%

Shares of NYSE:PKG opened at $193.46 on Monday. The business's 50-day moving average is $196.95 and its 200 day moving average is $196.33. Packaging Corporation of America has a 1 year low of $172.71 and a 1 year high of $250.82. The firm has a market capitalization of $17.41 billion, a P/E ratio of 19.31, a P/E/G ratio of 2.27 and a beta of 0.85. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.54 and a quick ratio of 2.32.

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 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 20.08% and a net margin of 10.47%. The company's revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company 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.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company upped their price objective on 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. Truist Financial reduced their target price on 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 upped their target price on Packaging Corporation of America from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Citigroup upped their target price on 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. Finally, Jefferies Financial Group lowered Packaging Corporation of America from a "buy" rating to a "hold" rating and reduced their target price for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Five equities 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. Based on data from MarketBeat, Packaging Corporation of America currently has a consensus rating of "Hold" and an average 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.

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