Packaging Corporation of America (PKG) : Traders are bullish on Packaging Corporation of America (PKG) as it has outperformed the S&P 500 by a wide margin of 4.24% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 2.17%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 2.14% in the last 1 week, and is up 4.64% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Packaging Corporation of America is up 20.4% in the last 3-month period. Year-to-Date the stock performance stands at 25.64%. The stock has recorded a 20-day Moving Average of 3.25% and the 50-Day Moving Average is 9.18%.
Packaging Corporation of America (NYSE:PKG): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $77.13 and $76.61 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $77.97. The buying momentum continued till the end and the stock did not give up its gains. It closed at $77.79, notching a gain of 0.19% for the day. The total traded volume was 554,145 . The stock had closed at $77.64 on the previous day.
Also, Major Brokerage house, Deutsche Bank maintains its ratings on Packaging Corporation of America (NYSE:PKG). In the latest research report, Deutsche Bank raises the target price from $75 per share to $77 per share. According to the latest information available, the shares are now rated Hold by the analysts at the agency. The rating by the firm was issued on August 10, 2016.
Packaging Corporation of America (PCA) is a producer of containerboard and white papers. The Company operates eight mills and 99 corrugated products manufacturing plants. The Companys operations are primarily in the United States and it has converting operations in Europe, Mexico, and Canada. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Companys corrugated products manufacturing plants produce a variety of corrugated packaging products, including shipping containers used to protect and transport manufactured goods, multi-color boxes, and displays. It manufactures its Packaging products at five containerboard mills, one containerboard machine, corrugated manufacturing operations, and protective packaging operations. Its Paper segment manufactures and sells white papers. Its Corporate and Other segment includes corporate support staff services and related assets and liabilities, and foreign exchange gains and losses.