Packaging Corporation of America's (NYSE: PKG) shares have gained 49.3% over the past year. The company has outperformed its industry's growth of 14.5% and the S&P 500's 28.5% rise over the same period. Image Source: Zacks Investment Research Let us take a look into the factors behind this Zacks Rank #2 (Buy) company's price appreciation. Solid E-Commerce Demand: Packaging Corp has been benefitting from strong growth in e-commerce activities that continue to support packaging demand. The Packaging segment accounts for around 91% of the company's revenues. Packaging products are essential for distributing food, beverage and pharmaceutical products. The Packaging segment will continue to reflect stable packaging demand for meat, fruit and vegetables, processed food, beverages, medicine, and other consumer products. Improvement in Order Levels: In the first quarter of 2024, the outside sales volume of containerboard increased 40,000 tons from the first quarter of 2023. The company's order backlog and containerboard sales were strong in the quarter. The company expects total corrugated product shipments to be higher in 2024 for the ...