OLD National Bancorp IN Reduces Stock Holdings in Packaging Co. of America (NYSE:PKG)

OLD National Bancorp IN reduced its position in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 10.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,448 shares of the industrial products company's stock after selling 2,305 shares during the quarter. OLD National Bancorp IN's holdings in Packaging Co. of America were worth $4,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PKG. Boston Partners boosted its stake in shares of Packaging Co. of America by 49.3% during the first quarter. Boston Partners now owns 1,446,303 shares of the industrial products company's stock valued at $274,421,000 after purchasing an additional 477,487 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Packaging Co. of America by 34.3% during the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company's stock worth $187,596,000 after purchasing an additional 262,315 shares during the last quarter. AQR Capital Management LLC boosted its position in Packaging Co. of America by 164.3% during the second quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock valued at $73,272,000 after purchasing an additional 249,483 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Packaging Co. of America by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company's stock valued at $210,636,000 after purchasing an additional 86,005 shares during the last quarter. Finally, Distillate Capital Partners LLC purchased a new position in Packaging Co. of America in the second quarter valued at about $13,829,000. 89.78% of the stock is owned by institutional investors.

Packaging Co. of America Stock Performance

PKG traded down $1.04 during midday trading on Monday, hitting $219.08. 429,456 shares of the company were exchanged, compared to its average volume of 595,856. The company's 50 day simple moving average is $209.17 and its 200 day simple moving average is $193.03. The firm has a market capitalization of $19.67 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 4.32 and a beta of 0.77. Packaging Co. of America has a 1-year low of $143.82 and a 1-year high of $222.98. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.06. Packaging Co. of America had a return on equity of 18.21% and a net margin of 9.06%. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same period last year, the business earned $2.31 earnings per share. Packaging Co. of America's quarterly revenue was up 6.3% on a year-over-year basis. As a group, sell-side analysts predict that Packaging Co. of America will post 8.73 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Monday, September 16th. Packaging Co. of America's dividend payout ratio (DPR) is presently 62.50%.

Insider Activity at Packaging Co. of America

In other Packaging Co. of America news, SVP Donald R. Shirley sold 6,000 shares of the company's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the completion of the transaction, the senior vice president now owns 20,772 shares in the company, valued at approximately $4,077,128.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Charles J. Carter sold 5,389 shares of Packaging Co. of America stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total value of $1,057,752.92. Following the sale, the executive vice president now directly owns 25,539 shares in the company, valued at approximately $5,012,794.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Donald R. Shirley sold 6,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the transaction, the senior vice president now directly owns 20,772 shares of the company's stock, valued at $4,077,128.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 2nd. Truist Financial upped their price target on Packaging Co. of America from $219.00 to $242.00 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. Wells Fargo & Company raised their price objective on Packaging Co. of America from $215.00 to $235.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Finally, StockNews.com downgraded Packaging Co. of America from a "buy" rating to a "hold" rating in a research note on Saturday, September 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Packaging Co. of America currently has a consensus rating of "Hold" and an average target price of $216.00.

Packaging Co. of America Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.