CenterBook Partners LP Acquires New Position in Ranpak Holdings Corp $PACK

CenterBook Partners LP acquired a new stake in Ranpak Holdings Corp (NYSE:PACK) during the fourth quarter, Holdings Channel reports. The firm acquired 796,548 shares of the company’s stock, valued at approximately $4,309,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in Ranpak by 2.9% in the 3rd quarter. Rhumbline Advisers now owns 70,261 shares of the company’s stock valued at $395,000 after acquiring an additional 2,008 shares during the period. Bank of America Corp DE raised its stake in Ranpak by 7.4% in the 3rd quarter. Bank of America Corp DE now owns 35,583 shares of the company’s stock valued at $200,000 after acquiring an additional 2,452 shares during the period. Gamco Investors INC. ET AL raised its stake in Ranpak by 27.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 14,000 shares of the company’s stock valued at $50,000 after acquiring an additional 3,050 shares during the period. The Manufacturers Life Insurance Company raised its stake in Ranpak by 20.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,647 shares of the company’s stock valued at $70,000 after acquiring an additional 3,364 shares during the period. Finally, Gabelli Funds LLC raised its stake in Ranpak by 4.2% in the 4th quarter. Gabelli Funds LLC now owns 95,500 shares of the company’s stock valued at $517,000 after acquiring an additional 3,820 shares during the period. 85.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PACK. Weiss Ratings restated a “sell (d-)” rating on shares of Ranpak in a research note on Tuesday, April 21st. Wall Street Zen upgraded Ranpak from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Ranpak in a research note on Friday, March 6th. Craig Hallum decreased their price target on Ranpak from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. Finally, UBS Group reiterated an “overweight” rating on shares of Ranpak in a research report on Friday, March 6th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Ranpak currently has an average rating of “Moderate Buy” and a consensus target price of $6.83.

Ranpak Trading Up 0.8%

Shares of PACK opened at $6.85 on Tuesday. The business’s 50-day moving average price is $5.16 and its 200-day moving average price is $5.12. Ranpak Holdings Corp has a twelve month low of $3.22 and a twelve month high of $7.16. The stock has a market cap of $585.69 million, a PE ratio of -15.56 and a beta of 3.14. The company has a quick ratio of 1.32, a current ratio of 1.73 and a debt-to-equity ratio of 0.76.

Ranpak (NYSE:PACK) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.01). Ranpak had a negative net margin of 9.28% and a negative return on equity of 7.04%. The company had revenue of $101.20 million for the quarter, compared to the consensus estimate of $91.59 million. On average, equities analysts forecast that Ranpak Holdings Corp will post -0.25 EPS for the current fiscal year.

About Ranpak

Ranpak Holdings Corp. (NYSE: PACK) is a leading provider of sustainable, paper-based packaging solutions designed to protect products during transit. The company’s core business centers on the design, manufacture and distribution of automated systems and consumable paper packaging materials that offer an eco-friendly alternative to plastic-based void-fill and protective packaging. Ranpak’s solutions include crumpled paper fillers, paper wrap systems and tailored automation equipment that serve diverse end markets such as e-commerce, industrial parts, electronics and retail.

Founded in 1972 and headquartered in Concord Township, Ohio, Ranpak has built a global presence by combining innovation in paper converting technology with a commitment to sustainability.