(https://www.sec.gov/Archives/edgar/data/75677/000119312526334657/xslF345X06/ownership.xml) (President) just sold 8,797 shares at $257—that's a $2.26M liquidation on Aug 5. This isn't routine portfolio rebalancing. Presidents don't dump $2M blocks unless they're either hedging concentrated exposure or reading the tape. PKG's net margin sits at 8.6% annually with ROIC at 11.4%—solid, not spectacular.

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