Victory Capital Management Inc. Sells 9,073,250 Shares of Graphic Packaging Holding Company $GPK

Victory Capital Management Inc. cut its holdings in Graphic Packaging Holding Company (NYSE:GPK) by 74.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,167,697 shares of the industrial products company’s stock after selling 9,073,250 shares during the period. Victory Capital Management Inc.’s holdings in Graphic Packaging were worth $61,992,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GPK. American Century Companies Inc. grew its holdings in Graphic Packaging by 19.1% in the second quarter. American Century Companies Inc. now owns 22,022,347 shares of the industrial products company’s stock worth $464,011,000 after purchasing an additional 3,533,846 shares during the period. JPMorgan Chase & Co. boosted its holdings in Graphic Packaging by 32.6% in the third quarter. JPMorgan Chase & Co. now owns 11,501,251 shares of the industrial products company’s stock worth $225,080,000 after acquiring an additional 2,828,094 shares in the last quarter. Norges Bank acquired a new stake in Graphic Packaging in the second quarter valued at approximately $55,632,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Graphic Packaging by 8.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 19,138,977 shares of the industrial products company’s stock valued at $374,550,000 after acquiring an additional 1,502,681 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Graphic Packaging by 11.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 11,570,040 shares of the industrial products company’s stock worth $243,781,000 after purchasing an additional 1,218,848 shares during the period. Institutional investors and hedge funds own 99.67% of the company’s stock.

Graphic Packaging Stock Up 1.1%

GPK stock opened at $11.24 on Friday. Graphic Packaging Holding Company has a fifty-two week low of $10.73 and a fifty-two week high of $28.19. The stock has a fifty day moving average of $13.85 and a 200-day moving average of $16.53. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 7.59 and a beta of 0.65. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.52 and a current ratio of 1.30.

Graphic Packaging (NYSE:GPK) last released its quarterly earnings data on Monday, March 2nd. The industrial products company reported $0.24 EPS for the quarter. Graphic Packaging had a net margin of 5.15% and a return on equity of 16.58%. The company had revenue of $2.10 billion during the quarter. As a group, equities research analysts predict that Graphic Packaging Holding Company will post 2.47 earnings per share for the current year.

Graphic Packaging Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Sunday, March 15th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, March 13th. This represents a $0.44 dividend on an annualized basis and a yield of 3.9%. Graphic Packaging’s dividend payout ratio (DPR) is presently 29.73%.

Analysts Set New Price Targets

GPK has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Graphic Packaging in a research note on Monday, December 29th. Truist Financial set a $14.00 price objective on Graphic Packaging in a report on Wednesday, February 4th. Citigroup cut their target price on Graphic Packaging from $16.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Wells Fargo & Company lowered their target price on shares of Graphic Packaging from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Wednesday, February 4th. Finally, Robert W. Baird set a $15.00 price target on Graphic Packaging in a research report on Wednesday, February 4th. Eight analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $16.63.

Insider Activity

In other news, CEO Robbert Rietbroek acquired 44,278 shares of Graphic Packaging stock in a transaction dated Wednesday, March 4th. The shares were purchased at an average cost of $11.32 per share, for a total transaction of $501,226.96. Following the transaction, the chief executive officer owned 44,278 shares of the company’s stock, valued at $501,226.96. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.41% of the company’s stock.

About Graphic Packaging

Graphic Packaging Holding Company is a leading provider of sustainable paperboard packaging solutions, offering a broad portfolio of products designed for food, beverage and other consumer goods markets. The company specializes in the manufacture of containerboard, folding cartons and engineered fill materials, as well as beverage packaging systems including paperboard cups, carriers and related components.

Through a network of manufacturing facilities across North America, Europe and Latin America, Graphic Packaging serves a diverse customer base that includes major consumer packaged goods companies, quick-service restaurants and retail chains.