In a filing, Packaging Corp Of America revealed its EVP & CFO Mundy Robert P. unloaded Company’s shares for reported $1.83 million on Mar 06 ’24. In the deal valued at $182.51 per share,10,000 shares were sold. As a result of this transaction, Mundy Robert P. now holds 46,454 shares worth roughly $8.86 million.
Then, KOWLZAN MARK W sold 53,196 shares, generating $9,931,693 in total proceeds. Upon selling the shares at $186.70, the Chairman & CEO now owns 474,010 shares.
Before that, Hassfurther Thomas A sold 13,850 shares. Packaging Corp Of America shares valued at $2,507,681 were divested by the Exec. VP at a price of $181.06 per share. As a result of the transaction, Hassfurther Thomas A now holds 187,647 shares, worth roughly $35.79 million.
BofA Securities upgraded its Packaging Corp Of America [PKG] rating to a Buy from a a Neutral in a research note published on March 04, 2024; the price target was increased to $202 from $172. A number of analysts have revised their coverage, including Seaport Research Partners’s analysts, who decreased its forecast for the stock in late January from “a Buy” to “a Neutral”. Jefferies revised its rating on September 27, 2023. It rated PKG as “a Hold” which previously was an “an Underperform”.
Price Performance Review of PKG
On Monday, Packaging Corp Of America [NYSE:PKG] saw its stock jump 1.62% to $190.71. Over the last five days, the stock has gained 1.04%. Packaging Corp Of America shares have risen nearly 17.06% since the year began. Nevertheless, the stocks have risen 35.84% over the past one year. While a 52-week high of $190.60 was reached on 04/08/24, a 52-week low of $122.20 was recorded on 02/05/24. SMA at 50 days reached $177.76, while 200 days put it at $158.67. A total of 0.68 million shares were traded, compared to the trading of 63656.0 shares in the previous session.
Levels Of Support And Resistance For PKG Stock
The 24-hour chart illustrates a support level at 188.72, which if violated will result in even more drops to 186.73. On the upside, there is a resistance level at 191.72. A further resistance level may holdings at 192.73. The Relative Strength Index (RSI) on the 14-day chart is 67.39, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.46, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 0.32%. Stochastics %K at 80.42% indicates the stock is a selling.
How much short interest is there in Packaging Corp Of America?
A steep rise in short interest was recorded in Packaging Corp Of America stocks on Mar 15, 2024, dropping by -0.2 million shares to a total of 1.65 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 1.85 million shares. There was a decline of -12.12%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.42% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.27.
