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Watch for Continued Gains in Shares of Packaging of America (PKG)

Published on Tue, 04/02/2013 - 14:22
By Mallory Stone

Packaging of America (NYSE:PKG) traded at a new 52-week high today of $45.26. So far today approximately 440,000 shares have been exchanged, as compared to an average 30-day volume of 871,000 shares.

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.

Based on a current price of $45.14, Packaging of America is currently 4.5% above its average consensus analyst price target of $43.12. The stock should discover initial support at its 50-day moving average (MA) of $41.38 and subsequent support at its 200-day MA of $35.53.

Over the past year, Packaging of America has traded in a range of $25.77 to $45.26 and is now at $45.14, 75% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.5%.

By Mallory Stone