Summit Global Investments Purchases 3,531 Shares of Greif, Inc. (NYSE:GEF)

Summit Global Investments grew its position in Greif, Inc. (NYSE:GEF) by 75.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,221 shares of the industrial products company’s stock after purchasing an additional 3,531 shares during the quarter. Summit Global Investments’ holdings in Greif were worth $472,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the business. Wedge Capital Management L L P NC grew its position in shares of Greif by 22.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 17,727 shares of the industrial products company’s stock worth $1,019,000 after buying an additional 3,291 shares during the period. Twelve Points Wealth Management LLC raised its holdings in Greif by 11.9% during the second quarter. Twelve Points Wealth Management LLC now owns 24,132 shares of the industrial products company’s stock worth $1,387,000 after buying an additional 2,559 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Greif by 5.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,151 shares of the industrial products company’s stock valued at $1,185,000 after buying an additional 886 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Greif by 133.9% during the first quarter. Quadrature Capital Ltd now owns 13,047 shares of the industrial products company’s stock valued at $902,000 after buying an additional 7,468 shares during the last quarter. Finally, Mirova bought a new stake in shares of Greif during the first quarter worth about $2,597,000. 45.74% of the stock is currently owned by institutional investors and hedge funds.

Greif Stock Performance

NYSE:GEF traded up $0.68 on Wednesday, reaching $61.83. 35,483 shares of the company’s stock were exchanged, compared to its average volume of 166,402. The stock has a fifty day simple moving average of $60.91 and a 200-day simple moving average of $62.72. Greif, Inc. has a 52 week low of $55.95 and a 52 week high of $74.46. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.57 and a quick ratio of 1.17. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 13.15 and a beta of 0.91.

Greif (NYSE:GEF) last released its quarterly earnings data on Wednesday, June 5th. The industrial products company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Greif had a net margin of 5.17% and a return on equity of 15.57%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the business earned $1.77 EPS. Greif’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts predict that Greif, Inc. will post 4.45 earnings per share for the current year.

Greif Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Tuesday, June 18th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, June 18th. Greif’s dividend payout ratio is presently 44.73%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America raised Greif from a “neutral” rating to a “buy” rating and upped their target price for the company from $76.00 to $77.00 in a report on Monday, June 17th. Wells Fargo & Company lifted their target price on Greif from $78.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, June 7th. Raymond James began coverage on shares of Greif in a research report on Friday, July 19th. They set a “market perform” rating for the company. StockNews.com lowered shares of Greif from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Finally, Truist Financial reduced their target price on shares of Greif from $71.00 to $69.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

Greif 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.