State of Alaska Department of Revenue Grows Stock Position in Greif, Inc. (NYSE:GEF)

State of Alaska Department of Revenue boosted its stake in Greif, Inc. (NYSE:GEF) by 7.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,068 shares of the industrial products company’s stock after acquiring an additional 200 shares during the quarter. State of Alaska Department of Revenue’s holdings in Greif were worth $192,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV raised its position in shares of Greif by 5.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,049 shares of the industrial products company’s stock valued at $233,000 after acquiring an additional 222 shares in the last quarter. Quarry LP boosted its stake in Greif by 71.9% during the second quarter. Quarry LP now owns 545 shares of the industrial products company’s stock valued at $31,000 after buying an additional 228 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Greif by 4.6% during the first quarter. ProShare Advisors LLC now owns 5,616 shares of the industrial products company’s stock valued at $388,000 after purchasing an additional 246 shares during the last quarter. Cadence Wealth Management LLC lifted its holdings in shares of Greif by 11.1% during the second quarter. Cadence Wealth Management LLC now owns 4,460 shares of the industrial products company’s stock valued at $256,000 after purchasing an additional 444 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in shares of Greif by 15.4% during the third quarter. Park Avenue Securities LLC now owns 4,056 shares of the industrial products company’s stock valued at $254,000 after purchasing an additional 540 shares during the last quarter. 45.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GEF has been the subject of several research analyst reports. Wells Fargo & Company reduced their price objective on Greif from $80.00 to $76.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Stifel Nicolaus reissued a “buy” rating and set a $88.00 price objective on shares of Greif in a report on Monday, August 26th. Bank of America lowered their target price on Greif from $77.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Truist Financial reaffirmed a “hold” rating and issued a $67.00 target price (down previously from $69.00) on shares of Greif in a report on Friday, August 30th. Finally, Raymond James initiated coverage on Greif in a report on Friday, July 19th. They set a “market perform” rating on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.00.

Greif Stock Up 1.3 %

Shares of Greif stock opened at $67.40 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.70 and a debt-to-equity ratio of 1.35. Greif, Inc. has a 12 month low of $55.95 and a 12 month high of $71.36. The business has a fifty day simple moving average of $62.52 and a 200 day simple moving average of $62.16. The stock has a market cap of $3.18 billion, a PE ratio of 14.65 and a beta of 0.91.

Greif (NYSE:GEF) last announced its quarterly earnings data on Wednesday, August 28th. The industrial products company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.14). Greif had a return on equity of 13.28% and a net margin of 4.99%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. Research analysts predict that Greif, Inc. will post 4.2 EPS for the current year.

Greif Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from Greif’s previous quarterly dividend of $0.52. The ex-dividend date was Monday, September 16th. Greif’s payout ratio is 46.96%.

Greif Company Profile

Greif, Inc engages in the production and sale of industrial packaging products and services worldwide. The company operates through Global Industrial Packaging; Paper Packaging & Services; and Land Management segments. The Global Industrial Packaging segment produces and sells industrial packaging products, including steel, fiber, and plastic drums; rigid and flexible intermediate bulk containers; closure systems for industrial packaging products; transit protection products; water bottles, and remanufactured and reconditioned industrial containers; and various services, such as container life cycle management, filling, logistics, warehousing, and other packaging services to chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agriculture, pharmaceuticals, mineral product, and other industries.