NEW YORK, August 14, 2026, 11:46 EDT — Leon Cooperman has disclosed a $180 million investment in GPGI, with the company’s shares continuing to trade 20% below their June level.
- As of June 30, Leon Cooperman reported holding 11.38 million GPGI shares valued at $180.4 million.
- This holding marked his biggest new investment and was the fifth-largest in the $3.55 billion portfolio.
- GPGI closed at $12.69 on Friday, roughly 20% under the quarter-end implied price reported in the filing.
On Friday, Leon Cooperman reported a fresh $180.4 million position in GPGI Inc. NYSE:GPGI, marking his largest new investment in the second quarter. Cooperman held 11,384,508 shares as of June 30.
The stated figure suggests a $15.85 price at quarter’s close. GPGI shares stood at $12.69 as of 11:41 a.m. EDT on Friday, falling 1.8% for the session. Based on that value, Cooperman’s reported holding was approximately $144.5 million—$36.0 million less than the figure recorded in June.
The filing does not specify the timing of his acquisition. It also leaves out the amount he paid. As a result, investors cannot assume the $36 million difference represents Cooperman’s loss.
GPGI represented 5.1% of Cooperman’s $3.547 billion U.S. equity holdings. The portfolio increased by 16.4%, rising from $3.048 billion in March. The disclosed number of positions dropped to 39 from 41.
| Top June 30 holding | Shares | Reported value | Portfolio weight |
|---|---|---|---|
| Vertiv Holdings NYSE:VRT | 2.16 million | $722.5 million | 20.4% |
| Rocket Companies NYSE:RKT | 21.02 million | $331.0 million | 9.3% |
| Energy Transfer NYSE:ET | 13.32 million | $254.7 million | 7.2% |
| Pelagos Insurance Capital | 8.51 million | $207.3 million | 5.8% |
| GPGI NYSE:GPGI | 11.38 million | $180.4 million | 5.1% |
Vertiv was still by far the top holding, with the number of shares held staying the same. However, its disclosed value increased by 33.6% since March, due to the market price at quarter end—rather than new purchases.
| Material disclosed change | June position | Quarterly share change | Reported value |
|---|---|---|---|
| Initiated GPGI NYSE:GPGI position | 11.38 million shares | New | $180.4 million |
| Started WhiteHawk Minerals (NYSE:WHK) investment | 3.26 million shares | New | $90.7 million |
| GE HealthCare NASDAQ:GEHC | 1.31 million shares | Increase of 95.4% | $83.8 million |
| Sunoco (NYSE:SUN) | 225,994 shares | Decrease of 86.1% | $15.3 million |
| Elevance Health NYSE:ELV | Zero | Position closed | $66.7 million at March 31 |
| Atlas Energy Solutions (NYSE:AESI) | Zero | Exited holding | $53.6 million at March 31 |
| Alphabet Class A NASDAQ:GOOGL | Zero | Position exited | $21.6 million at March 31 |
The value of the GPGI stake was almost double that of Cooperman’s newly reported holding in WhiteHawk. It was also larger than his reported stakes in Apollo and Mirion. This scale positions GPGI as a major portfolio investment rather than a minor position.
GPGI reported a 4% decline in pro forma second-quarter sales to $473.2 million, with adjusted EBITDA dropping 13% to $113.9 million. CompoSecure performed well, but Husky saw weaker market conditions.
Executive Chairman Dave Cote stated that GPGI reported “second quarter results consistent with our expectations.” He pointed to “record strength” at CompoSecure and described headwinds at Husky as temporary. GPGI second-quarter release
| GPGI second-quarter measure | Q2 2026 | Year-on-year change |
|---|---|---|
| Pro forma adjusted net sales | $473.2 million | Down 4% |
| Pro forma adjusted EBITDA | $113.9 million | Decreased 13% |
| Pro forma EBITDA margin | 24.1% | 230 basis points lower |
| GAAP net income | $50.3 million | No comparable figure |
| Adjusted cash and short-term investments | $114.8 million | Increased from $96.5 million |
| Adjusted total debt | $2.115 billion | Higher than $192.5 million |
Management maintained its full-year pro forma sales outlook between $1.95 billion and $2.10 billion. Adjusted EBITDA is projected in the range of $550 million to $610 million. The company aims for year-end net leverage to be around 3.0 times.
Metal card manufacturer CompoSecure and injection-molding provider Husky have merged under GPGI. The group introduced the new brand in January. Resolute Holdings Management (NYSE:RHLD) oversees the permanent-capital structure.
| Analyst recommendation measure | Latest available reading | Implied move from $12.69 |
|---|---|---|
| Consensus rating | Buy | Not applicable |
| Analysts included | 2 | Certain analysts only |
| Low target | $15 | +18.2% |
| Average target | $20 | +57.6% |
| High target | $25 | +97.0% |
The analyst coverage is limited, with just two analysts forming the consensus, and their targets were set before GPGI’s Q2 results. While Cooperman’s filing introduces a prominent shareholder, it does not provide updated operational outlook.
Risks: Husky could continue to show market weakness. Following the merger, GPGI holds $2.115 billion in adjusted debt. Limited analyst attention and a brief trading record reduce the reliability of valuation estimates.
The 13F provides a retrospective snapshot, listing long U.S. securities as of June 30, while excluding information on transaction dates, cash holdings, and short positions. Cooperman may have altered the GPGI holding following that reporting period.
Related articles: Stock Market
