Greif (NYSE: GEF) shares deepen after dividend announcement
Shares of Greif, Inc. (NYSE: GEF) rose ahead of trading on Thursday following a dividend announcement from the company. The stock had closed at $ 59.96 previously, but opened at $ 62.00. Greif’s shares last traded at $ 61.71, with 309 shares traded in volume. The newly announced dividend which will be paid on Thursday July 1. Shareholders of record on Monday, June 21 will receive a dividend of $ 0.44 per share. This represents a dividend of $ 1.76 on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Friday June 18. Greif’s dividend payout ratio (DPR) is currently 54.66%.
The GEF has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Greif’s stock rating from a “buy” rating to a “keep” rating and set a price target of $ 65.00 for the company. in a report on Monday, May 31. Wells Fargo & Company raised its price target for Greif’s stock from $ 68.00 to $ 77.00 and rated the stock “overweight” in a report released Thursday, May 20. BMO Capital Markets raised its price target for Greif shares from $ 53.00 to $ 64.00 in a report released on Wednesday, March 17. Finally, KeyCorp raised its price target on Greif’s stock from $ 40.00 to $ 45.00 and assigned the stock an “underweight” rating in a research report on Monday, April 5. One research analyst rated the stock with a sell rating, another issued a conservation rating, and three assigned a buy rating to the company’s stock. The stock has an average “Hold” rating and a consensus price target of $ 59.40.
The company has a 50-day moving average of $ 60.99. The company has a market cap of $ 2.96 billion, a price / earnings ratio of 35.69, a price / earnings-growth ratio of 1.61, and a beta of 1.08. The company has a debt to equity ratio of 1.87, a current ratio of 1.36 and a quick ratio of 1.02.
Greif (NYSE: GEF) last released its quarterly earnings data on Tuesday, June 8. The industrials company reported earnings per share (EPS) of $ 3.51 for the quarter, beating the Zacks consensus estimate of $ 1.06 by $ 2.45. Greif had a net margin of 2.20% and a return on equity of 15.78%. The company posted revenue of $ 1.34 billion in the quarter, compared to analysts’ expectations of $ 1.26 billion. During the same period of the previous year, the company achieved EPS of $ 0.95. The company’s quarterly revenue increased 15.7% from the same quarter last year. On average, analysts predict Greif, Inc. will post 3.7 EPS for the current fiscal year.
In other Greif news, Vice Chairman Gary R. Martz bought 7,000 shares of the company in a trade on Tuesday April 6. The stock was purchased at an average cost of $ 59.18 per share, for a total transaction of $ 414,260.00. As a result of the transaction, the Vice President now owns 70,260 shares of the company, valued at approximately $ 4,157,986.80. The transaction was disclosed in a legal file with the SEC, accessible through this hyperlink. Company insiders own 13.73% of the company’s shares.
A number of hedge funds and other institutional investors have recently changed their positions in GEF. PNC Financial Services Group Inc. increased its stake in Greif shares by 8.4% in the first quarter. PNC Financial Services Group Inc. now owns 2,556 shares of the industrial products company valued at $ 145,000 after purchasing an additional 199 shares in the last quarter. Zeke Capital Advisors LLC purchased a new 1st quarter equity stake in Greif valued at $ 210,000. Stifel Financial Corp bought a new stake in Greif shares in the 1st quarter valued at $ 219,000. Crossmark Global Holdings Inc. purchased a new 1st quarter stake in Greif shares valued at $ 237,000. Finally, KBC Groupe NV bought a new stake in Greif shares in the 1st quarter for a value of $ 244,000. Hedge funds and other institutional investors hold 47.06% of the company’s shares.
About Greif (NYSE: FEM)
Greif, Inc. produces and sells industrial packaging products and services around the world. It operates through four segments: Rigid industrial packaging and services; Paper packaging and services; Flexible products and services; and land management. The Rigid Industrial Packaging & Services segment offers rigid industrial packaging products, including steel, fiber and plastic drums; intermediate rigid bulk containers; closure systems for industrial packaging products; transit protection products; refurbished and reconditioned water bottles and industrial containers; and services, such as container lifecycle management, filling, logistics, warehousing and other packaging services.
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