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Packaging of America Makes a Move: Down 1.5%

Published on Wed, 04/03/2013 - 10:34
By Robert Cotter

One of today's stocks on the move is Packaging of America (NYSE:PKG), down 1.5% to $44.34. The Dow Jones Industrial Average is now trading 0.2% lower to 14,628 and the S&P is trading 0.4% lower to 1,564.

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.

In the past 52 weeks, shares of Packaging of America have traded between a low of $25.77 and a high of $45.26 and are now at $44.34, which is 72% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.5%.

Based on a current price of $44.34, Packaging of America is currently 2.7% above its average consensus analyst price target of $43.12. The stock should discover initial support at its 50-day moving average (MA) of $41.48 and subsequent support at its 200-day MA of $35.62.

By Robert Cotter
rcotter@fnno.com

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