State Street Corp Buys 149,446 Shares of Ranpak Holdings Corp. (NYSE:PACK)

State Street Corp raised its stake in shares of Ranpak Holdings Corp. (NYSE:PACK) by 15.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,133,277 shares of the company’s stock after purchasing an additional 149,446 shares during the period. State Street Corp’s holdings in Ranpak were worth $7,400,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Innealta Capital LLC bought a new stake in shares of Ranpak during the 2nd quarter valued at $31,000. Quarry LP bought a new stake in Ranpak during the third quarter valued at about $39,000. Quantbot Technologies LP purchased a new position in shares of Ranpak in the third quarter valued at about $42,000. Glenmede Trust Co. NA bought a new position in shares of Ranpak in the third quarter worth about $67,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Ranpak during the third quarter worth about $68,000. Hedge funds and other institutional investors own 85.94% of the company’s stock.

Ranpak Trading Down 2.9 %

Shares of PACK stock opened at $6.95 on Friday. The stock’s 50-day moving average price is $7.07 and its 200-day moving average price is $6.79. Ranpak Holdings Corp. has a 12-month low of $3.85 and a 12-month high of $9.04. The stock has a market capitalization of $578.64 million, a price-to-earnings ratio of -28.96 and a beta of 2.42. The company has a current ratio of 2.36, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Ranpak (NYSE:PACK) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). Ranpak had a negative return on equity of 3.54% and a negative net margin of 5.64%. The firm had revenue of $92.20 million for the quarter, compared to analysts’ expectations of $90.76 million. During the same period last year, the company earned ($0.03) earnings per share. The firm’s revenue was up 11.4% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts recently commented on PACK shares. Cantor Fitzgerald began coverage on Ranpak in a report on Thursday, December 19th. They issued an “overweight” rating and a $11.50 price target on the stock. Robert W. Baird lowered their target price on shares of Ranpak from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, November 1st.

Ranpak Company Profile

Ranpak Holdings Corp., together with its subsidiaries, provides product protection solutions and end-of-line automation solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company offers protective packaging solutions, such as void-fill protective systems that convert paper to fill empty spaces in secondary packages and protect objects under the FillPak brand; cushioning protective systems, which convert paper into cushioning pads under the PadPak brand; and wrapping protective systems that create pads or paper mesh to wrap and protect fragile items, as well as to line boxes and provide separation when shipping various objects under the WrapPak, Geami, and ReadyRoll brands, as well as cold chain products, which are used to provide insulation for goods.