Greif (NYSE:GEF) Hits New 52-Week High - Here's What Happened

Greif, Inc. (NYSE:GEF - Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $71.39 and last traded at $70.92, with a volume of 73436 shares traded. The stock had previously closed at $69.44.

Analyst Upgrades and Downgrades

GEF has been the topic of a number of recent research reports. Sidoti initiated coverage on Greif in a research note on Wednesday. They issued a "buy" rating and a $93.00 target price on the stock. Bank of America reduced their target price 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 price objective on Greif from $80.00 to $76.00 and set an "overweight" rating on the stock in a research report on Monday, August 26th. Truist Financial restated a "hold" rating and set a $67.00 target price (down previously from $69.00) on shares of Greif in a research note on Friday, August 30th. Finally, Stifel Nicolaus reiterated a "buy" rating and issued a $88.00 price target on shares of Greif in a research note on Monday, August 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.40.

Greif Trading Up 2.7 %

The stock has a market cap of $3.36 billion, a P/E ratio of 15.14 and a beta of 0.91. The stock's 50-day moving average is $63.97 and its two-hundred day moving average is $62.56. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.70 and a quick ratio of 1.28.

Greif (NYSE:GEF - Get Free Report) last posted its earnings results 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 net margin of 4.99% and a return on equity of 13.28%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts anticipate that Greif, Inc. will post 4.2 EPS for the current year.

Greif Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.54 per share. This is a positive change from Greif's previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Monday, September 16th. Greif's dividend payout ratio (DPR) is currently 46.96%.

Institutional Trading of Greif

Hedge funds have recently added to or reduced their stakes in the business. Verdence Capital Advisors LLC lifted its position in shares of Greif by 3.2% during the third quarter. Verdence Capital Advisors LLC now owns 5,195 shares of the industrial products company's stock valued at $326,000 after buying an additional 163 shares during the last quarter. State of Alaska Department of Revenue raised its stake 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 valued at $192,000 after buying an additional 200 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of 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 acquiring an additional 222 shares in the last quarter. Quarry LP grew its position in Greif by 71.9% during the 2nd 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 last quarter. Finally, ProShare Advisors LLC increased its holdings in Greif by 4.6% in the 1st quarter. ProShare Advisors LLC now owns 5,616 shares of the industrial products company's stock worth $388,000 after buying an additional 246 shares during the period. 45.74% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.