Greif (NYSE:GEF) Shares Gap Down After Earnings Miss

Greif, Inc. (NYSE:GEF) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $71.50, but opened at $68.01. Greif shares last traded at $69.58, with a volume of 72,010 shares.

The industrial products company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.23). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Greif had a net margin of 4.99% and a return on equity of 13.28%. Greif’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS.

Greif Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Monday, December 16th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Monday, December 16th. Greif’s dividend payout ratio (DPR) is presently 46.96%.

Analysts Set New Price Targets

GEF has been the topic of a number of recent research reports. Truist Financial reaffirmed a “hold” rating and set a $67.00 price target (down from $69.00) on shares of Greif in a research report on Friday, August 30th. Sidoti initiated coverage on shares of Greif in a research report on Wednesday, November 20th. They set a “buy” rating and a $93.00 price target for the company. Bank of America lowered their price target on Greif from $77.00 to $73.00 and set a “buy” rating for the company in a report on Friday, August 30th. Wells Fargo & Company dropped their target price on Greif from $80.00 to $76.00 and set an “overweight” rating on the stock in a report on Monday, August 26th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $88.00 price target on shares of Greif in a report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Greif currently has an average rating of “Moderate Buy” and an average target price of $79.40.

Institutional Trading of Greif

Several institutional investors and hedge funds have recently bought and sold shares of the company. Verdence Capital Advisors LLC increased its holdings in shares of Greif by 3.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 5,195 shares of the industrial products company’s stock valued at $326,000 after acquiring an additional 163 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Greif by 7.0% in the third quarter. State of Alaska Department of Revenue now owns 3,068 shares of the industrial products company’s stock worth $192,000 after purchasing an additional 200 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in Greif by 5.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 4,049 shares of the industrial products company’s stock valued at $233,000 after purchasing an additional 222 shares during the last quarter. Quarry LP raised its holdings in shares of Greif by 71.9% during the second quarter. Quarry LP now owns 545 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 228 shares during the period. Finally, Cadence Wealth Management LLC lifted its position in shares of Greif by 11.1% in the 2nd quarter. Cadence Wealth Management LLC now owns 4,460 shares of the industrial products company’s stock worth $256,000 after buying an additional 444 shares during the last quarter. Institutional investors and hedge funds own 45.74% of the company’s stock.

Greif Stock Performance

The stock’s 50-day moving average price is $65.62 and its 200-day moving average price is $63.02. The company has a current ratio of 1.70, a quick ratio of 1.28 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $3.30 billion, a P/E ratio of 15.54 and a beta of 0.92.

About Greif

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.