Graphic Packaging (NYSE:GPK) Downgraded by BNP Paribas Exane to Neutral

BNP Paribas Exane lowered shares of Graphic Packaging (NYSE:GPK) from an outperform rating to a neutral rating in a report issued on Wednesday, MarketBeat reports.

Other research analysts also recently issued research reports about the company. Truist Financial reduced their price target on Graphic Packaging from $30.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, April 22nd. Raymond James Financial reissued an “outperform” rating and issued a $26.00 price target (down previously from $30.00) on shares of Graphic Packaging in a report on Friday, May 2nd. UBS Group assumed coverage on Graphic Packaging in a report on Wednesday, June 4th. They issued a “neutral” rating and a $24.00 price target for the company. Finally, Royal Bank Of Canada cut their price objective on Graphic Packaging from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 18th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $28.40.

Graphic Packaging Trading Down 0.7%

Shares of GPK opened at $21.01 on Wednesday. The company has a market capitalization of $6.34 billion, a P/E ratio of 10.25, a P/E/G ratio of 3.77 and a beta of 0.74. Graphic Packaging has a one year low of $20.86 and a one year high of $30.70. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.73 and a current ratio of 1.88. The stock has a 50-day moving average price of $22.64 and a 200 day moving average price of $25.26.

Graphic Packaging (NYSE:GPK) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.05). The business had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Graphic Packaging had a net margin of 7.15% and a return on equity of 23.68%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 EPS. Sell-side analysts forecast that Graphic Packaging will post 2.47 EPS for the current fiscal year.

Graphic Packaging announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 23.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Graphic Packaging Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, July 5th. Shareholders of record on Sunday, June 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, June 13th. Graphic Packaging’s payout ratio is currently 21.46%.

Institutional Trading of Graphic Packaging

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in shares of Graphic Packaging by 1,004.9% during the 1st quarter. Victory Capital Management Inc. now owns 9,240,697 shares of the industrial products company’s stock worth $239,888,000 after purchasing an additional 8,404,340 shares during the period. Alliancebernstein L.P. raised its position in shares of Graphic Packaging by 920.6% during the 4th quarter. Alliancebernstein L.P. now owns 4,176,187 shares of the industrial products company’s stock worth $113,425,000 after purchasing an additional 3,767,011 shares during the period. Norges Bank acquired a new stake in shares of Graphic Packaging during the 4th quarter worth approximately $98,268,000. Marshall Wace LLP raised its position in shares of Graphic Packaging by 735.3% during the 4th quarter. Marshall Wace LLP now owns 2,446,843 shares of the industrial products company’s stock worth $66,456,000 after purchasing an additional 2,153,925 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Graphic Packaging by 11.7% during the 1st quarter. American Century Companies Inc. now owns 18,488,501 shares of the industrial products company’s stock worth $479,962,000 after purchasing an additional 1,932,841 shares during the period. Institutional investors and hedge funds own 99.67% of the company’s stock.

Graphic Packaging Company Profile

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.