Victory Capital Management Inc. Purchases 8,404,340 Shares of Graphic Packaging Holding Company (NYSE:GPK)

Victory Capital Management Inc. grew its position in Graphic Packaging Holding Company (NYSE:GPK - Free Report) by 1,004.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 9,240,697 shares of the industrial products company's stock after acquiring an additional 8,404,340 shares during the period. Victory Capital Management Inc. owned 3.06% of Graphic Packaging worth $239,888,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Steward Partners Investment Advisory LLC grew its holdings in Graphic Packaging by 92.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,432 shares of the industrial products company's stock worth $39,000 after acquiring an additional 689 shares during the period. Proficio Capital Partners LLC acquired a new stake in Graphic Packaging during the 4th quarter worth about $478,000. PNC Financial Services Group Inc. grew its holdings in Graphic Packaging by 8.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 30,629 shares of the industrial products company's stock worth $832,000 after acquiring an additional 2,441 shares during the period. HighTower Advisors LLC grew its holdings in Graphic Packaging by 1.8% during the 4th quarter. HighTower Advisors LLC now owns 223,509 shares of the industrial products company's stock worth $6,071,000 after acquiring an additional 3,935 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Graphic Packaging during the 4th quarter worth about $2,486,000. 99.67% of the stock is currently owned by institutional investors.

Graphic Packaging Stock Performance

GPK traded down $0.20 during mid-day trading on Friday, reaching $22.42. 732,008 shares of the company traded hands, compared to its average volume of 2,622,471. The stock has a market capitalization of $6.76 billion, a P/E ratio of 10.96 and a beta of 0.71. The company has a quick ratio of 0.73, a current ratio of 1.88 and a debt-to-equity ratio of 1.80. The company's fifty day moving average price is $22.15 and its 200-day moving average price is $24.69. Graphic Packaging Holding Company has a 52-week low of $20.86 and a 52-week high of $30.70.

Graphic Packaging (NYSE:GPK - Get Free Report) last issued 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). Graphic Packaging had a net margin of 7.15% and a return on equity of 23.68%. The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the firm earned $0.66 EPS. The company's revenue was down 6.2% on a year-over-year basis. On average, sell-side analysts expect that Graphic Packaging Holding Company will post 2.47 EPS for the current year.

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

Graphic Packaging Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, July 5th. Stockholders of record on Sunday, June 15th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, June 13th. Graphic Packaging's payout ratio is 21.46%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GPK. Truist Financial decreased their price target on Graphic Packaging from $24.00 to $23.00 and set a "hold" rating for the company in a report on Friday, July 11th. BNP Paribas Exane downgraded Graphic Packaging from an "outperform" rating to a "neutral" rating in a research note on Wednesday, June 25th. UBS Group began coverage on Graphic Packaging in a research note on Wednesday, June 4th. They issued a "neutral" rating and a $24.00 target price for the company. Royal Bank Of Canada reduced their target price on Graphic Packaging from $26.00 to $25.00 and set an "outperform" rating for the company in a research note on Wednesday, June 18th. Finally, Raymond James Financial restated an "outperform" rating and issued a $26.00 target price (down from $30.00) on shares of Graphic Packaging in a research note on Friday, May 2nd. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $26.88.

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.