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Packaging of America: The Winning Streak Continues (PKG)

Published on Tue, 02/19/2013 - 15:32
By Mallory Stone

Packaging of America (NYSE:PKG) traded today at a new 52-week high of $40.97. So far today approximately 421,000 shares have been exchanged, as compared to an average 30-day volume of 883,000 shares.

Over the past year, Packaging of America has traded in a range of $25.77 to $40.97 and is now at $40.56, 57% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.8%.

Packaging Corp of America manufactures containerboard and corrugated packaging products for use in protecting goods during shipment. The Company also produces multi-color boxes and displays, as well as meat boxes and wax-coated boxes for the agricultural industry.

There is potential upside of 1.9% for shares of Packaging of America based on a current price of $40.56 and an average consensus analyst price target of $41.33. The stock should find initial support at its 50-day moving average (MA) of $38.59 and further support at its 200-day MA of $33.33.

By Mallory Stone
mstone@fnno.com