Donald R. Shirley, executive vice president at Packaging Corporation of America, sold 12,000 shares of common stock for approximately $3.01 million on August 20, according to an SEC filing.
The weighted average sale price was $250.708 per share, with individual transactions ranging from $249.60 to $252.475. The disposal occurred as the company’s stock traded near its 52-week high of $259.98, up 24% year-to-date.
Following the sale, Shirley retains direct ownership of 19,110 shares and an additional 6,501 shares through a 401(k) plan. The transaction was executed amid a broader earnings and pricing update from the company.
Packaging Corp of America reported adjusted second-quarter earnings of $2.35 per share, exceeding Wall Street’s estimate of $2.31, with revenue of $2.49 billion matching analyst forecasts. The company cited strong demand in its legacy business and a 24% year-over-year increase in shipments, though margins were pressured by higher freight, recycled fiber, and outage-related costs.
Separately, the company announced a $140 per ton increase in containerboard prices effective September 1, a move UBS described as unprecedented relative to historical increases. In response, UBS raised its price target on Packaging Corp of America to $292 from $271 while maintaining a Buy rating.
