Allspring Global Investments Holdings has significantly increased its stake in Graphic Packaging Holding during the first quarter, according to its recent filing with the Securities and Exchange Commission (SEC).
The fund now owns 83,012 shares of Graphic Packaging’s stock, representing a 423.2% increase from the previous period. The total value of Allspring Global Investments’ holdings in Graphic Packaging is $2,116,000.
In addition to Allspring Global Investments, several other hedge funds have made changes to their positions in Graphic Packaging. Assetmark. grew its stake in the company by 22.3% during the fourth quarter, owning 2,810 shares worth $63,000.
Captrust Financial Advisors also boosted its holdings by 5.3% in the third quarter, now owning 11,662 shares worth $230,000. Private Trust NA increased its holdings by 177.3% during the first quarter, owning 1,109 shares worth $28,000.
American International Group also saw a 21.6% increase in its holdings during the second quarter, owning 4,414 shares worth $90,000.
Great West Life Assurance Can raised its holdings by 3.2% during the first quarter, owning 25,660 shares worth $547,000. Overall, institutional investors and hedge funds now own 92.86% of Graphic Packaging’s stock.
CFO sells shares
Graphic Packaging chief financial officer Stephen R. Scherger recently sold 160,492 shares of the company’s stock in a transaction on 9 May. The shares were sold at an average price of $25.81, resulting in a total transaction value of $4,142,298.52.
Following the sale, Scherger now owns 427,548 shares of Graphic Packaging, valued at $11,035,013.88. The sale was disclosed in a filing with the Securities & Exchange Commission.
Graphic Packaging’s stock (NYSE: GPK) opened at $23.93 on Friday. The company’s 12-month low is $19.46 and the 12-month high is $27.56.
With a market cap of $7.35b, the company has a price-to-earnings ratio of 11.96. It has a quick ratio of 0.64 and a current ratio of 1.62. The company’s 50-day moving average is $25.12 and the 200-day moving average is $24.15.
Earnings results and dividend announcement
Graphic Packaging reported its quarterly earnings on 2 May, exceeding analysts’ consensus estimates.
The company posted earnings per share (EPS) of $0.77 for the quarter, beating expectations by $0.15. Graphic Packaging had a net margin of 6.46% and a return on equity of 38.99%.
The company’s quarterly revenue was $2.44b, up 8.6% compared to the same quarter last year. Analysts predict that Graphic Packaging will post an EPS of 3.01 for the current year.
The company also recently announced a quarterly dividend of $0.10 per share. The dividend was paid on 5 July to investors of record as of 15 June. This represents an annualised dividend of $0.40 and a yield of 1.67%.
Analysts’ price targets
Several analysts have commented on Graphic Packaging’s stock. Deutsche Bank Aktiengesellschaft downgraded the stock from a “buy” rating to a “hold” rating and lowered the price target from $30.00 to $26.00.
StockNews.com initiated coverage of the stock and assigned a “buy” rating. 888 Holdings reaffirmed a “downgrade” rating. Raymond James raised the price target to $30.00 from $29.00.
Seaport Res Ptn reaffirmed a “buy” rating. The consensus rating for Graphic Packaging is “Buy,” with an average price target of $28.75.
