Update (4:50 p.m.): Updated with Tuesday market close information.

NEW YORK (TheStreet) -- Graphic Packaging Holding  (GPK - Get Report) fell Tuesday after the packaging designer and manufacturer priced its secondary offering.

The company priced 43.65 million shares at $10.45 a share. Goldman Sachs acted as the sole book running manager for the offering.

The stock closed down 2.81% to $10.39 on Tuesday.

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Separately, TheStreet Ratings team rates GRAPHIC PACKAGING HOLDING CO as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate GRAPHIC PACKAGING HOLDING CO (GPK) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, reasonable valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 29.28% over the past year, a rise that has exceeded that of the S&P 500 Index. Regarding the stock's future course, although almost any stock can fall in a broad market decline, GPK should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • GRAPHIC PACKAGING HOLDING CO has improved earnings per share by 10.0% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. During the past fiscal year, GRAPHIC PACKAGING HOLDING CO increased its bottom line by earning $0.42 versus $0.31 in the prior year. This year, the market expects an improvement in earnings ($0.65 versus $0.42).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the Containers & Packaging industry average, but is less than that of the S&P 500. The net income increased by 0.8% when compared to the same quarter one year prior, going from $34.90 million to $35.20 million.
  • Net operating cash flow has significantly increased by 351.26% to $29.90 million when compared to the same quarter last year. In addition, GRAPHIC PACKAGING HOLDING CO has also vastly surpassed the industry average cash flow growth rate of -104.29%.
  • You can view the full analysis from the report here: GPK Ratings Report

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.