Graphic Packaging Holding Company (NYSE:GPK – Get Free Report)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $9.33, but opened at $10.67. Graphic Packaging shares last traded at $10.6560, with a volume of 1,454,357 shares trading hands.
The industrial products company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Graphic Packaging had a net margin of 2.25% and a return on equity of 9.95%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.58 earnings per share.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on GPK shares. Wells Fargo & Company decreased their price target on shares of Graphic Packaging from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Monday, October 19th. UBS Group cut their price objective on Graphic Packaging from $12.00 to $9.50 and set a “neutral” rating for the company in a research note on Monday, October 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Graphic Packaging in a report on Monday, September 21st. Citigroup reduced their target price on Graphic Packaging from $13.00 to $9.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Finally, JPMorgan Chase & Co. upgraded Graphic Packaging from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $12.50 to $11.50 in a research report on Wednesday, September 23rd. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $10.29.
View Our Latest Analysis on GPK
Institutional Investors Weigh In On Graphic Packaging
A number of hedge funds have recently modified their holdings of GPK. BlackRock Inc. acquired a new stake in Graphic Packaging during the second quarter worth about $440,345,000. Manning & Napier Advisors LLC boosted its holdings in Graphic Packaging by 6,288.6% in the 1st quarter. Manning & Napier Advisors LLC now owns 8,481,670 shares of the industrial products company’s stock valued at $84,308,000 after purchasing an additional 8,348,907 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Graphic Packaging during the 2nd quarter worth approximately $45,266,000. Squarepoint Ops LLC increased its holdings in shares of Graphic Packaging by 20.3% during the 2nd quarter. Squarepoint Ops LLC now owns 4,155,774 shares of the industrial products company’s stock worth $43,927,000 after buying an additional 701,762 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. purchased a new stake in shares of Graphic Packaging during the 2nd quarter valued at approximately $43,335,000. 99.67% of the stock is currently owned by institutional investors and hedge funds.
Graphic Packaging Trading Up 15.5%
The stock has a market cap of $3.19 billion, a PE ratio of 16.33 and a beta of 0.66. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.60 and a current ratio of 1.38. The company’s 50-day moving average price is $9.42 and its 200 day moving average price is $10.70.
About Graphic Packaging
Graphic Packaging Holding Company, through its subsidiary Graphic Packaging International, develops and manufactures fiber-based packaging products for consumer goods companies. Its offerings include paperboard folding cartons, beverage carriers, cups, foodservice packaging, and other packaging solutions designed for products sold in grocery, foodservice, beverage, and household markets.
The company serves brand owners and manufacturers across a range of end markets, including food, beverage, consumer packaged goods, and foodservice.
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