OLD National Bancorp IN Sells 2,305 Shares of Packaging Co. of America (NYSE:PKG)

OLD National Bancorp IN reduced its position in shares of Packaging Co. of America (NYSE:PKG) by 10.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,448 shares of the industrial products company’s stock after selling 2,305 shares during the period. OLD National Bancorp IN’s holdings in Packaging Co. of America were worth $4,189,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new position in Packaging Co. of America during the fourth quarter worth about $339,000. Nomura Holdings Inc. bought a new position in shares of Packaging Co. of America in the fourth quarter worth approximately $294,000. Wedmont Private Capital raised its stake in Packaging Co. of America by 6.5% in the first quarter. Wedmont Private Capital now owns 1,515 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 93 shares in the last quarter. Park Avenue Securities LLC lifted its position in Packaging Co. of America by 7.3% during the first quarter. Park Avenue Securities LLC now owns 4,327 shares of the industrial products company’s stock valued at $821,000 after purchasing an additional 293 shares during the last quarter. Finally, GoalVest Advisory LLC purchased a new position in Packaging Co. of America in the 1st quarter worth approximately $66,000. Institutional investors own 89.78% of the company’s stock.

Insider Buying and Selling

In other Packaging Co. of America news, EVP Charles J. Carter sold 5,389 shares of the stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 25,539 shares in the company, valued at approximately $5,012,794.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Donald R. Shirley sold 6,000 shares of Packaging Co. of America stock in a transaction 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 sale, the senior vice president now owns 20,772 shares in the company, valued at $4,077,128.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the completion of the transaction, the executive vice president now owns 25,539 shares of the company’s stock, valued at $5,012,794.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Packaging Co. of America Trading Down 0.1 %

Shares of PKG stock opened at $220.12 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71. The business has a 50-day moving average of $209.17 and a 200 day moving average of $192.99. The stock has a market capitalization of $19.77 billion, a PE ratio of 27.62, a P/E/G 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.

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

Packaging Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, October 15th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.27%. Packaging Co. of America’s dividend payout ratio is currently 62.74%.

Analyst Ratings Changes

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