Vaughn Joseph, Senior Vice President at Packaging Corp of America (NYSE:PKG), has recently sold a significant portion of his holdings in the company. The sale comes as PKG trades near its 52-week high of $250.82, having delivered an impressive 35.8% return over the past six months. According to a regulatory filing, Joseph sold 2,300 shares of common stock on December 3, 2024. The shares were sold at prices ranging from $244.76 to $245.08 per share, with a weighted average sale price of $244.8924, totaling approximately $563,252. According to InvestingPro, PKG maintains a "GOOD" financial health score, with 14 additional ProTips available for subscribers.
Following this transaction, Joseph holds 9,197 shares directly, with an additional 436 shares held indirectly through a 401k plan. This sale highlights a notable reduction in Joseph's direct stake in the company, though he continues to maintain a substantial position in the $21.7 billion market cap company. Based on InvestingPro's Fair Value analysis, PKG currently appears to be fairly valued.
In other recent news, Packaging Corp. of America (PKG) reported a significant increase in its third-quarter net income, reaching $238 million, up from the previous year's $185 million. The company's net sales also rose to $2.2 billion from $1.9 billion. This growth was primarily driven by increased volumes and favorable pricing in the packaging segment. Additionally, PKG announced a substantial price hike for its products, set to take effect on January 1, 2025. Citi analysts view this as a positive development for the containerboard group, which includes PKG. In other recent developments, PKG is planning significant capital projects at its Counce and Valdosta mills and aims to launch new box plants within the next two to three years. The company also expects fourth-quarter earnings of $2.47 per share. Truist Securities has upgraded PKG's stock target to $252 from $242, maintaining a Buy rating, based on the company's potential for continued growth.
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