Packaging Corp of America (NYSE:PKG) saw two of its insiders unload stock yesterday. The talk is of the company’s Senior Vice President and Chief Financial Officer, Richard West, who disposed of 34,000 shares of Common Stock, directly, for a weighted average sales price of $66.13 per share. Following the insider’s first stock disposition of the fiscal year, he now holds a total of 141,764 company shares to his name.
The second insider to unload Common Stock yesterday is Kent Pflederer, Senior Vice President of the $6.8 billion market cap containerboard producer. Pflederer sold a smaller bulk of 2,750 shares, directly, for a weighted average sales price of $66.50 per share and now owns a total of 35,773 company holdings.
Moreover, Q2 of the fiscal year showed increased confidence in Packaging Corp’s stock, as several hedge funds increased the firm’s portfolio participation. Ken Griffin’s Citadel Investment Group, which is currently also the largest shareholder at the firm, increased activity by 56% and now owns over 1 million shares, with an estimated value of $75.5 million.