Glenmede Trust Co. NA Cuts Stock Position in Graphic Packaging Holding (NYSE:GPK)

Glenmede Trust Co. NA trimmed its holdings in shares of Graphic Packaging Holding (NYSE:GPK) by 34.3% in the third quarter, Holdings Channel reports. The firm owned 619,010 shares of the industrial products company’s stock after selling 323,585 shares during the period. Glenmede Trust Co. NA’s holdings in Graphic Packaging were worth $18,317,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in shares of Graphic Packaging by 41.9% in the second quarter. American Century Companies Inc. now owns 12,115,566 shares of the industrial products company’s stock valued at $317,549,000 after purchasing an additional 3,576,877 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Graphic Packaging by 24.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,800,425 shares of the industrial products company’s stock valued at $437,945,000 after buying an additional 2,927,344 shares during the last quarter. FMR LLC grew its stake in shares of Graphic Packaging by 12.6% during the third quarter. FMR LLC now owns 20,460,161 shares of the industrial products company’s stock valued at $605,416,000 after acquiring an additional 2,294,688 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Graphic Packaging by 7.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 9,600,600 shares of the industrial products company’s stock worth $251,632,000 after acquiring an additional 706,486 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Graphic Packaging by 33.2% in the second quarter. Sei Investments Co. now owns 1,719,878 shares of the industrial products company’s stock valued at $45,078,000 after purchasing an additional 428,278 shares during the last quarter. 99.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GPK has been the topic of several analyst reports. Truist Financial downgraded Graphic Packaging from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $32.00 to $30.00 in a report on Wednesday, October 30th. Royal Bank of Canada cut their price target on shares of Graphic Packaging from $35.00 to $34.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Finally, StockNews.com downgraded shares of Graphic Packaging from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.53.

Graphic Packaging Stock Performance

GPK stock opened at $30.01 on Friday. The stock’s 50 day simple moving average is $29.13 and its 200 day simple moving average is $28.40. Graphic Packaging Holding has a 12-month low of $22.12 and a 12-month high of $30.70. The firm has a market cap of $9.01 billion, a P/E ratio of 12.82, a P/E/G ratio of 11.51 and a beta of 0.83. The company has a current ratio of 1.73, a quick ratio of 0.72 and a debt-to-equity ratio of 1.78.

Graphic Packaging (NYSE:GPK) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.04). Graphic Packaging had a return on equity of 28.26% and a net margin of 7.99%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the company posted $0.74 earnings per share. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities research analysts predict that Graphic Packaging Holding will post 2.52 EPS for the current year.

Graphic Packaging Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, January 5th. Shareholders of record on Sunday, December 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.40 dividend on an annualized basis and a yield of 1.33%. Graphic Packaging’s payout ratio is currently 17.09%.

Insider Transactions at Graphic Packaging

In other Graphic Packaging news, EVP Michael James Farrell sold 25,900 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $28.99, for a total value of $750,841.00. Following the completion of the transaction, the executive vice president now owns 81,026 shares in the company, valued at approximately $2,348,943.74. This represents a 24.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Charles D. Lischer sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $29.65, for a total transaction of $355,800.00. Following the completion of the sale, the chief accounting officer now owns 49,849 shares in the company, valued at $1,478,022.85. The trade was a 19.40 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

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.