OLD National Bancorp IN Has $9.35 Million Stock Holdings in Packaging Co. of America (NYSE:PKG)

OLD National Bancorp IN lowered its holdings in shares of Packaging Co. of America (NYSE:PKG) by 3.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,367 shares of the industrial products company’s stock after selling 2,174 shares during the period. OLD National Bancorp IN’s holdings in Packaging Co. of America were worth $9,346,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Handelsbanken Fonder AB grew its stake in Packaging Co. of America by 1.0% during the fourth quarter. Handelsbanken Fonder AB now owns 50,376 shares of the industrial products company’s stock worth $8,207,000 after purchasing an additional 503 shares during the period. CWM LLC grew its stake in Packaging Co. of America by 46.8% in the fourth quarter. CWM LLC now owns 2,652 shares of the industrial products company’s stock valued at $432,000 after acquiring an additional 845 shares during the period. abrdn plc grew its stake in Packaging Co. of America by 121.9% in the fourth quarter. abrdn plc now owns 48,732 shares of the industrial products company’s stock valued at $7,939,000 after acquiring an additional 26,774 shares during the period. Greenleaf Trust grew its stake in Packaging Co. of America by 5.4% in the fourth quarter. Greenleaf Trust now owns 2,431 shares of the industrial products company’s stock valued at $396,000 after acquiring an additional 125 shares during the period. Finally, AIA Group Ltd acquired a new stake in Packaging Co. of America in the fourth quarter valued at approximately $1,241,000. Institutional investors and hedge funds own 89.78% of the company’s stock.

Packaging Co. of America Stock Performance

Packaging Co. of America stock traded down $1.86 during mid-day trading on Monday, reaching $178.03. 41,496 shares of the company’s stock were exchanged, compared to its average volume of 680,861. Packaging Co. of America has a one year low of $122.20 and a one year high of $191.27. The business’s fifty day simple moving average is $181.22 and its 200 day simple moving average is $167.69. The company has a quick ratio of 1.77, a current ratio of 2.57 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $15.98 billion, a PE ratio of 21.21, a P/E/G ratio of 4.33 and a beta of 0.78.

Packaging Co. of America (NYSE:PKG) last posted its earnings results on Thursday, January 25th. The industrial products company reported $2.13 EPS for the quarter, topping the consensus estimate of $1.83 by $0.30. Packaging Co. of America had a return on equity of 20.25% and a net margin of 9.81%. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the previous year, the business earned $2.35 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts expect that Packaging Co. of America will post 8.31 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, April 15th. Shareholders of record on Friday, March 15th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Thursday, March 14th. Packaging Co. of America’s dividend payout ratio (DPR) is currently 58.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PKG shares. Citigroup raised their price objective on Packaging Co. of America from $172.00 to $183.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. StockNews.com cut Packaging Co. of America from a “buy” rating to a “hold” rating in a research note on Friday. Seaport Res Ptn lowered Packaging Co. of America from a “buy” rating to a “neutral” rating in a report on Monday, January 29th. BNP Paribas lowered Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 target price on the stock. in a report on Friday, April 12th. Finally, Truist Financial raised their target price on Packaging Co. of America from $170.00 to $187.00 and gave the company a “buy” rating in a report on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $171.29.

Insiders Place Their Bets

In other news, CFO Robert P. Mundy sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $182.51, for a total value of $1,825,100.00. Following the completion of the sale, the chief financial officer now owns 46,454 shares of the company’s stock, valued at approximately $8,478,319.54. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Thomas A. Hassfurther sold 14,191 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $173.80, for a total value of $2,466,395.80. Following the completion of the sale, the vice president now owns 183,930 shares of the company’s stock, valued at approximately $31,967,034. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Robert P. Mundy sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total value of $1,825,100.00. Following the completion of the sale, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at approximately $8,478,319.54. The disclosure for this sale can be found here. Insiders sold a total of 38,041 shares of company stock valued at $6,799,177 over the last 90 days. Insiders own 1.70% of the company’s stock.

About Packaging Co. of America

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.