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

OLD National Bancorp IN decreased its position in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 6.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,165 shares of the industrial products company's stock after selling 1,283 shares during the quarter. OLD National Bancorp IN's holdings in Packaging Co. of America were worth $4,089,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Stifel Financial Corp lifted its stake in Packaging Co. of America by 1,462.2% in the third quarter. Stifel Financial Corp now owns 573,073 shares of the industrial products company's stock worth $123,440,000 after acquiring an additional 536,389 shares during the period. International Assets Investment Management LLC lifted its position in shares of Packaging Co. of America by 41,151.7% in the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company's stock worth $33,499,000 after purchasing an additional 155,142 shares during the period. Two Sigma Advisers LP boosted its stake in shares of Packaging Co. of America by 218.1% during the third quarter. Two Sigma Advisers LP now owns 207,700 shares of the industrial products company's stock valued at $44,739,000 after purchasing an additional 142,400 shares in the last quarter. Mizuho Securities USA LLC increased its holdings in Packaging Co. of America by 1,800.2% during the third quarter. Mizuho Securities USA LLC now owns 130,583 shares of the industrial products company's stock valued at $28,128,000 after buying an additional 123,711 shares during the period. Finally, State Street Corp raised its stake in Packaging Co. of America by 3.2% in the third quarter. State Street Corp now owns 3,948,546 shares of the industrial products company's stock worth $855,212,000 after buying an additional 123,050 shares in the last quarter. Hedge funds and other institutional investors own 89.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PKG shares. Wells Fargo & Company dropped their target price on Packaging Co. of America from $253.00 to $236.00 and set an "overweight" rating on the stock in a research report on Thursday. Citigroup raised their price objective on Packaging Co. of America from $232.00 to $235.00 and gave the company a "neutral" rating in a research report on Monday, January 6th. StockNews.com downgraded shares of Packaging Co. of America from a "buy" rating to a "hold" rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating and raised their price target for the company from $215.00 to $280.00 in a report on Wednesday, December 18th. Finally, Truist Financial reiterated a "buy" rating and set a $265.00 price objective (down previously from $282.00) on shares of Packaging Co. of America in a research note on Thursday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $233.00.

Packaging Co. of America Stock Down 0.6 %

Shares of PKG stock traded down $1.23 during trading hours on Monday, reaching $211.43. 1,069,841 shares of the company's stock were exchanged, compared to its average volume of 956,148. Packaging Co. of America has a 1 year low of $159.57 and a 1 year high of $250.82. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. The stock has a market cap of $18.99 billion, a PE ratio of 23.68, a PEG ratio of 2.29 and a beta of 0.79. The stock's fifty day moving average price is $234.01 and its two-hundred day moving average price is $220.60.

Packaging Co. of America (NYSE:PKG - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.51 by ($0.04). Packaging Co. of America had a net margin of 9.60% and a return on equity of 19.67%. Research analysts predict that Packaging Co. of America will post 11.15 EPS for the current year.

Packaging Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 20th were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $5.00 dividend on an annualized basis and a yield of 2.36%. Packaging Co. of America's dividend payout ratio (DPR) is 55.99%.

Insider Buying and Selling

In related news, SVP Joseph Vaughn sold 2,300 shares of the firm's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $244.89, for a total transaction of $563,247.00. Following the completion of the transaction, the senior vice president now owns 9,197 shares of the company's stock, valued at $2,252,253.33. This trade represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Donald R. Shirley sold 8,000 shares of the business's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total transaction of $1,921,600.00. Following the transaction, the senior vice president now owns 15,725 shares of the company's stock, valued at $3,777,145. This represents a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,300 shares of company stock worth $8,064,152 in the last 90 days. Insiders own 1.60% of the company's stock.

Packaging Co. of America Company 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.