Millennium Management LLC Increases Position in Graphic Packaging Holding (NYSE:GPK)

Millennium Management LLC grew its position in Graphic Packaging Holding (NYSE:GPK - Free Report) by 106.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,601 shares of the industrial products company's stock after purchasing an additional 54,466 shares during the quarter. Millennium Management LLC's holdings in Graphic Packaging were worth $2,868,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of GPK. Picton Mahoney Asset Management grew its holdings in shares of Graphic Packaging by 55.4% during the 4th quarter. Picton Mahoney Asset Management now owns 1,105 shares of the industrial products company's stock worth $30,000 after purchasing an additional 394 shares in the last quarter. Crews Bank & Trust bought a new stake in Graphic Packaging during the 4th quarter worth $32,000. Steward Partners Investment Advisory LLC boosted its position in shares of Graphic Packaging by 92.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,432 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 689 shares during the period. Mizuho Bank Ltd. purchased a new position in Graphic Packaging during the fourth quarter worth about $43,000. Finally, Atala Financial Inc purchased a new position in Graphic Packaging in the 4th quarter worth approximately $109,000. 99.67% of the stock is currently owned by institutional investors and hedge funds.

Graphic Packaging Price Performance

NYSE:GPK traded up $0.03 during trading hours on Wednesday, hitting $22.27. 185,041 shares of the stock traded hands, compared to its average volume of 2,531,759. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. Graphic Packaging Holding has a 1 year low of $20.86 and a 1 year high of $30.70. The stock has a 50 day moving average price of $23.85 and a 200 day moving average price of $26.22. The company has a quick ratio of 0.54, a current ratio of 1.46 and a debt-to-equity ratio of 1.71.

Graphic Packaging (NYSE:GPK - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.05). The company had revenue of $2.12 billion for the quarter, compared to analysts' expectations of $2.14 billion. Graphic Packaging had a net margin of 7.47% and a return on equity of 25.96%. The company's quarterly revenue was down 6.2% compared to the same quarter last year. During the same period last year, the business earned $0.66 earnings per share. Sell-side analysts forecast that Graphic Packaging Holding will post 2.47 EPS for the current fiscal year.

Graphic Packaging Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, July 5th. Shareholders of record on Sunday, June 15th will be paid a $0.11 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 1.98%. Graphic Packaging's dividend payout ratio is currently 21.46%.

Graphic Packaging declared that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 23.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently issued reports on GPK. Truist Financial cut their price objective on Graphic Packaging from $30.00 to $28.00 and set a "hold" rating for the company in a report on Tuesday, April 22nd. Raymond James reiterated an "outperform" rating and set a $26.00 target price (down previously from $30.00) on shares of Graphic Packaging in a report on Friday, May 2nd. Robert W. Baird lowered their price objective on Graphic Packaging from $36.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, February 5th. Royal Bank of Canada cut their price objective on shares of Graphic Packaging from $32.00 to $26.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, UBS Group assumed coverage on shares of Graphic Packaging in a report on Wednesday. They set a "neutral" rating and a $24.00 target price for the company. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $28.53.

Graphic Packaging Company Profile

Graphic Packaging Holding Company, together with its subsidiaries, designs, produces, and sells consumer packaging products to brands in food, beverage, foodservice, household, and other consumer products. It operates through three segments: Paperboard Manufacturing, Americas Paperboard Packaging, and Europe Paperboard Packaging.