Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $8.08 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 $32.64 million.
As published in a research note from Wells Fargo on April 24, 2024, Packaging Corp Of America [PKG] has been rated up from an Equal weight to an Overweight and the price target has been revised to $191 from $187. Analysts at Exane BNP Paribas downgraded the stock from ‘”an Outperform”‘ to ‘”a Neutral”‘ outlook in a report released in mid April. As of March 04, 2024, BofA Securities has increased its “Neutral” rating to a “Buy” for PKG. Earlier on January 29, 2024, Seaport Research Partners downgraded its rating. Their new recommendation was “a Neutral” for PKG stock which previously was a “a Buy”.
Analyzing PKG Stock Performance
During the last five days, there has been a drop of approximately -2.57%. Over the course of the year, Packaging Corp Of America shares have jumped approximately 6.76%. 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 $181.18, while a 200-day SMA reached $161.64. Nevertheless, trading volume fell to 0.87 million shares from 1.44 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 171.66, which, if violated, would cause prices to drop to 169.39. In the upper region, resistance lies at 175.55. The next price resistance is at 177.17. RSI (Relative Strength Index) is 35.39 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -7.10, which suggests the price will decrease in the coming days. Percent R is at 77.91%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
