Bastion Asset Management Inc. Sells 265,517 Shares of Ranpak Holdings Corp $PACK

Bastion Asset Management Inc. trimmed its stake in shares of Ranpak Holdings Corp (NYSE:PACK) by 45.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 313,432 shares of the company’s stock after selling 265,517 shares during the quarter. Bastion Asset Management Inc.’s holdings in Ranpak were worth $1,674,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Schusterman Interests LLC boosted its position in Ranpak by 2,995.5% during the third quarter. Schusterman Interests LLC now owns 3,018,616 shares of the company’s stock worth $16,965,000 after purchasing an additional 2,921,099 shares during the period. Vanguard Group Inc. boosted its position in Ranpak by 0.5% during the third quarter. Vanguard Group Inc. now owns 2,652,198 shares of the company’s stock worth $14,905,000 after purchasing an additional 13,362 shares during the period. Millennium Management LLC boosted its position in Ranpak by 8,737.4% during the third quarter. Millennium Management LLC now owns 1,194,909 shares of the company’s stock worth $6,715,000 after purchasing an additional 1,181,388 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Ranpak by 2.9% during the second quarter. Geode Capital Management LLC now owns 1,084,531 shares of the company’s stock worth $3,872,000 after buying an additional 30,529 shares in the last quarter. Finally, Boothbay Fund Management LLC lifted its holdings in shares of Ranpak by 21.1% during the second quarter. Boothbay Fund Management LLC now owns 909,251 shares of the company’s stock worth $3,246,000 after buying an additional 158,496 shares in the last quarter. 85.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Ranpak Stock Performance

Ranpak stock opened at $5.57 on Wednesday. Ranpak Holdings Corp has a 12-month low of $3.20 and a 12-month high of $6.67. The company has a quick ratio of 1.32, a current ratio of 1.73 and a debt-to-equity ratio of 0.76. The business’s 50-day moving average price is $4.27 and its two-hundred day moving average price is $4.95. The stock has a market cap of $476.03 million, a PE ratio of -12.65 and a beta of 3.06.

Ranpak (NYSE:PACK) last released its earnings results on Thursday, April 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $101.20 million during the quarter, compared to the consensus estimate of $91.59 million. As a group, analysts expect that Ranpak Holdings Corp will post -0.25 earnings per share for the current fiscal year.

Ranpak Profile

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.