NewEdge Wealth LLC Sells 264,695 Shares of Graphic Packaging Holding Company (NYSE:GPK)

Key Points

• NewEdge Wealth LLC reduced its holdings in Graphic Packaging Holding Company by 29.6%, owning 629,453 shares valued at approximately $16.34 million after selling 264,695 shares in the first quarter.
• Graphic Packaging's quarterly earnings showed a net income of $0.42 EPS, surpassing analysts' expectations of $0.40, and revenue of $2.20 billion exceeding forecasts of $2.13 billion.
• The company has announced a stock buyback plan worth $1.50 billion, allowing it to repurchase up to 23.3% of its shares, reflecting the board's belief that the stock is undervalued.

NewEdge Wealth LLC cut its position in shares of Graphic Packaging Holding Company (NYSE:GPK - Free Report) by 29.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 629,453 shares of the industrial products company's stock after selling 264,695 shares during the quarter. NewEdge Wealth LLC owned 0.21% of Graphic Packaging worth $16,341,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Wayfinding Financial LLC bought a new position in shares of Graphic Packaging during the 1st quarter worth approximately $42,000. Mizuho Bank Ltd. bought a new position in shares of Graphic Packaging during the 4th quarter worth approximately $43,000. UMB Bank n.a. boosted its stake in shares of Graphic Packaging by 42.3% during the 1st quarter. UMB Bank n.a. now owns 2,125 shares of the industrial products company's stock worth $55,000 after acquiring an additional 632 shares during the period. Park Square Financial Group LLC bought a new position in shares of Graphic Packaging during the 4th quarter worth approximately $79,000. Finally, Signaturefd LLC boosted its stake in shares of Graphic Packaging by 554.5% during the 1st quarter. Signaturefd LLC now owns 3,639 shares of the industrial products company's stock worth $94,000 after acquiring an additional 3,083 shares during the period. 99.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GPK shares. Truist Financial reduced their target price on Graphic Packaging from $24.00 to $23.00 and set a "hold" rating for the company in a research note on Friday, July 11th. Bank of America dropped their price target on Graphic Packaging from $31.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Royal Bank Of Canada dropped their price target on Graphic Packaging from $26.00 to $25.00 and set an "outperform" rating for the company in a report on Wednesday, June 18th. Wells Fargo & Company lifted their price target on Graphic Packaging from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Finally, UBS Group initiated coverage on Graphic Packaging in a report on Wednesday, June 4th. They set a "neutral" rating and a $24.00 price target for the company. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $26.38.

Insider Buying and Selling at Graphic Packaging

In other news, Director Philip R. Martens sold 56,737 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $21.84, for a total transaction of $1,239,136.08. Following the transaction, the director directly owned 33,826 shares of the company's stock, valued at $738,759.84. This represents a 62.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.41% of the stock is owned by insiders.

Graphic Packaging Trading Down 1.9%

Shares of NYSE GPK traded down $0.43 during midday trading on Wednesday, reaching $21.82. The company had a trading volume of 1,128,962 shares, compared to its average volume of 3,048,414. Graphic Packaging Holding Company has a one year low of $20.86 and a one year high of $30.70. The company has a quick ratio of 0.56, a current ratio of 1.43 and a debt-to-equity ratio of 1.68. The firm's fifty day moving average price is $22.06 and its 200-day moving average price is $24.28. The stock has a market cap of $6.46 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 7.43 and a beta of 0.73.

Graphic Packaging (NYSE:GPK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. Graphic Packaging had a return on equity of 21.13% and a net margin of 6.18%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. On average, equities research analysts anticipate that Graphic Packaging Holding Company will post 2.47 earnings per share for the current year.

Graphic Packaging Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 5th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, September 15th. Graphic Packaging's dividend payout ratio is presently 24.86%.

Graphic Packaging declared that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 23.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.