Packaging Corporation of America (NYSE:PKG) observed a selling pressure as well as the shares last traded with a loss of -0.53 points or -0.83% at $63.28.
The net money was calculated at $2.07 million with an inflow of $20.82 million in upticks and an outflow of $18.75 million in downticks till the latest update. The share price stood at -9.5% on a weekly basis. A block trade of $5.78 million in uptick and $3.8 million in downtick was also witnessed. It resulted in an up/down ratio of 1.52. The actual money flow of the block trade stood at $1.98.
A rise of 30.9% or 561,076 shares was reported by Packaging Corporation of America in its short interest. The short statistic came in at 2.5% of the total floats. The average day-to-day volume of 719,780 shares suggests that there will be 3 days to cover 2,379,649 short positions. The short interest was 1,818,573 shares on July 31st, 2015. This information was released by the Financial Industry Regulatory Authority, Inc (FINRA) on 25th of August.
Investors Upbeat About Buying Shares of Packaging Corporation of America
Several investors jumped in to buy the shares. Comments from many analysts too have been coming thick and fast. Brokerage firm Jefferies continues its rating on Packaging Corporation of America (NYSE:PKG). The brokerage house raises the price target to $82 per share from a previous target of $80. This rating was issued by the firm on 23rd July, 2015.
Packaging Corporation of America rose 1.07% or 0.68 points on Wednesday (26th of August) and made its way into the profit makers of the day. After trading started at $64.4, the stock reached $65.62 as a peak level and $62.22 as the lowest level. The 52-week high of share price is $84.88 while the low is $57.06. The market cap of the company is $6,302 million.
Packaging Corporation of America shares are anticipated to touch $79.6 in the short term.
Packaging Corporation of America is a manufacturer of containerboard in the U.S. The company’s production plants manufacture a variety of corrugated packaging products including multicolour boxes and conventional shipping containers.
Additionally, it’s a manufacturer of wax-coated boxes and meat boxes for the agricultural industry. The company’s mills in Tennessee and Valdosta, Counce and Georgia manufactured 1.6 million tons of Kraft linerboard.
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