The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Packaging Corp Of America shares valued at $1,825,100 were sold by Mundy Robert P. on Mar 06 ’24. At $182.51 per share, Mundy Robert P. sold 10,000 shares. The insider’s holdings dropped to 46,454 shares worth approximately $8.29 million following the completion of this transaction.
Also, KOWLZAN MARK W sold 53,196 shares, netting a total of over 9,931,693 in proceeds. Following the sale of shares at $186.70 each, the insider now holds 474,010 shares.
Before that, Hassfurther Thomas A had sold 13,850 shares from its account. In a trade valued at $2,507,681, the Exec. VP traded Packaging Corp Of America shares for $181.06 each. Upon closing the transaction, the insider’s holdings decreased to 13,850 shares, worth approximately $33.5 million.
As published in a research note from Exane BNP Paribas on April 12, 2024, Packaging Corp Of America [PKG] has been rated down from an Outperform to a Neutral and the price target has been revised to $182. Analysts at BofA Securities upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early March. As of January 29, 2024, Seaport Research Partners has decreased its “Buy” rating to a “Neutral” for PKG.
Analyzing PKG Stock Performance
During the last five days, there has been a drop of approximately -4.96%. Over the course of the year, Packaging Corp Of America shares have jumped approximately 9.58%. Shares of the company reached a 52-week high of $191.27 on 04/09/24 and a 52-week low of $159.57 on 02/05/24. A 50-day SMA is recorded $180.18, while a 200-day SMA reached $160.51. Nevertheless, trading volume fell to 0.63 million shares from 0.66 million shares the previous day.
Support And Resistance Levels for Packaging Corp Of America (PKG)
According to the 24-hour chart, there is a support level at 177.16, which, if violated, would cause prices to drop to 175.80. In the upper region, resistance lies at 181.01. The next price resistance is at 183.50. RSI (Relative Strength Index) is 36.76 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.61, which suggests the price will decrease in the coming days. Percent R is at 98.38%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
