Prudential Financial Inc. Increases Stake in Greif Inc. (GEF)
Prudential Financial Inc. raised its position in Greif Inc. (NYSE:GEF) by 12.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 862,990 shares of the company’s stock after buying an additional 95,290 shares during the period. Prudential Financial Inc. owned approximately 1.81% of Greif worth $32,164,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. Chicago Equity Partners LLC increased its position in shares of Greif by 0.4% in the second quarter. Chicago Equity Partners LLC now owns 25,730 shares of the company’s stock worth $959,000 after buying an additional 90 shares in the last quarter. State Treasurer State of Michigan increased its position in shares of Greif by 1.0% in the second quarter. State Treasurer State of Michigan now owns 10,300 shares of the company’s stock worth $384,000 after buying an additional 100 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of Greif by 0.4% in the second quarter. Retirement Systems of Alabama now owns 33,250 shares of the company’s stock worth $1,239,000 after buying an additional 120 shares in the last quarter. Anchor Capital Advisors LLC increased its position in shares of Greif by 0.6% in the second quarter. Anchor Capital Advisors LLC now owns 24,669 shares of the company’s stock worth $919,000 after buying an additional 140 shares in the last quarter. Finally, BB&T Securities LLC increased its position in shares of Greif by 0.7% in the first quarter. BB&T Securities LLC now owns 28,541 shares of the company’s stock worth $934,000 after buying an additional 203 shares in the last quarter. 48.91% of the stock is owned by institutional investors.
Shares of Greif Inc. (NYSE:GEF) traded up 0.3362% during midday trading on Tuesday, reaching $48.0811. The company had a trading volume of 41,422 shares. Greif Inc. has a 52-week low of $23.88 and a 52-week high of $49.43. The company’s 50 day moving average price is $43.36 and its 200 day moving average price is $37.39. The stock has a market capitalization of $2.30 billion, a PE ratio of 29.1754 and a beta of 1.47.
Greif (NYSE:GEF) last announced its earnings results on Wednesday, August 31st. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.19. Greif had a return on equity of 14.86% and a net margin of 2.37%. The company earned $845 million during the quarter, compared to analysts’ expectations of $910.83 million. During the same period last year, the business posted $0.60 EPS. Greif’s revenue for the quarter was down 9.1% on a year-over-year basis. Equities research analysts expect that Greif Inc. will post $2.46 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Monday, September 19th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Thursday, September 15th. Greif’s payout ratio is presently 126.32%.
GEF has been the subject of a number of recent research reports. Bank of America Corp. upgraded shares of Greif from a “neutral” rating to a “buy” rating and set a $52.00 target price for the company in a report on Tuesday, September 6th. DA Davidson restated a “buy” rating and set a $44.00 price objective on shares of Greif in a report on Sunday, September 4th. TheStreet upgraded shares of Greif from a “hold” rating to a “buy” rating in a report on Wednesday, June 8th. Zacks Investment Research upgraded shares of Greif from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Wednesday, June 22nd. Finally, BMO Capital Markets restated a “hold” rating and set a $36.00 price objective on shares of Greif in a report on Monday, June 27th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $42.50.
Greif Company Profile
Greif, Inc is a producer of industrial packaging products and services. The Company’s products include steel, fiber and plastic drums, rigid intermediate bulk containers, closure systems, transit protection products, water bottles and reconditioned industrial containers, and offers services, such as container life cycle management, blending, filling, logistics, warehousing and other packaging services.
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