One week ago Packaging of America (NYSE:PKG) was downgraded from Buy to Hold at Argus Research. The stock closed at $42.73, which is 2.6% higher than the price one week ago ($41.66).
Over the past year, Packaging of America has traded in a range of $25.77 to $43.12 and is now at $43.00, 67% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 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.
Packaging of America (NYSE:PKG) is currently priced 2.9% above its average consensus analyst price target of $41.75. The stock should find initial support at its 50-day moving average (MA) of $39.65 and further support at its 200-day MA of $34.05.