Corebridge Financial Inc. Cuts Stake in Graphic Packaging Holding (NYSE:GPK)

Corebridge Financial Inc. lowered its stake in shares of Graphic Packaging Holding (NYSE:GPK) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 339,595 shares of the industrial products company’s stock after selling 15,278 shares during the period. Corebridge Financial Inc. owned 0.11% of Graphic Packaging worth $9,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Howard Capital Management Group LLC lifted its stake in Graphic Packaging by 0.3% in the 3rd quarter. Howard Capital Management Group LLC now owns 1,007,968 shares of the industrial products company’s stock worth $29,826,000 after purchasing an additional 2,969 shares in the last quarter. Raymond James Trust N.A. purchased a new stake in shares of Graphic Packaging in the third quarter worth about $343,000. Cerity Partners LLC boosted its stake in Graphic Packaging by 18.2% during the third quarter. Cerity Partners LLC now owns 21,935 shares of the industrial products company’s stock valued at $649,000 after buying an additional 3,376 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Graphic Packaging during the 3rd quarter valued at approximately $886,000. Finally, Truvestments Capital LLC bought a new stake in Graphic Packaging in the 3rd quarter worth approximately $30,000. Institutional investors own 99.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GPK. Robert W. Baird cut their target price on shares of Graphic Packaging from $36.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, February 5th. Truist Financial dropped their price objective on shares of Graphic Packaging from $31.00 to $30.00 and set a “hold” rating for the company in a research note on Monday. Citigroup restated a “neutral” rating and set a $30.00 target price (down from $33.00) on shares of Graphic Packaging in a research report on Monday, January 6th. Finally, Wells Fargo & Company upgraded Graphic Packaging from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $24.00 to $27.00 in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.37.

Graphic Packaging Price Performance

GPK stock opened at $26.06 on Friday. The stock has a market cap of $7.82 billion, a PE ratio of 12.06, a P/E/G ratio of 2.10 and a beta of 0.81. Graphic Packaging Holding has a 12 month low of $24.50 and a 12 month high of $30.70. The company has a 50-day moving average price of $26.79 and a 200 day moving average price of $28.08. The company has a current ratio of 1.46, a quick ratio of 0.54 and a debt-to-equity ratio of 1.71.

Graphic Packaging (NYSE:GPK) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.04). Graphic Packaging had a net margin of 7.47% and a return on equity of 25.96%. The business had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter last year, the firm earned $0.75 EPS. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. Equities research analysts anticipate that Graphic Packaging Holding will post 2.47 earnings per share for the current year.

Graphic Packaging Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, April 5th. Stockholders of record on Saturday, March 15th will be issued a $0.11 dividend. The ex-dividend date is Friday, March 14th. This is a boost from Graphic Packaging’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.69%. Graphic Packaging’s dividend payout ratio is presently 20.37%.

About Graphic Packaging

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.