A number of other brokerages have also commented on GK. Robert W. Baird upgraded shares of G&K Services from a neutral rating to an outperform rating and set a $111.00 price objective on the stock in a report on Wednesday, August 17th. Zacks Investment Research lowered shares of G&K Services from a hold rating to a sell rating in a report on Tuesday, June 28th. Finally, JPMorgan Chase & Co. lowered shares of G&K Services from an overweight rating to a neutral rating and set a $97.00 price objective on the stock. in a report on Thursday, August 18th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $94.67.
Shares of G&K Services (NASDAQ:GK) opened at 95.50 on Thursday. The stock’s 50 day moving average is $96.52 and its 200 day moving average is $81.44. The firm has a market cap of $1.88 billion, a P/E ratio of 26.45 and a beta of 1.15. G&K Services has a 52 week low of $51.94 and a 52 week high of $98.22.
G&K Services (NASDAQ:GK) last posted its earnings results on Tuesday, August 16th. The company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.05. The business had revenue of $258.50 million for the quarter, compared to analyst estimates of $257.80 million. G&K Services had a net margin of 7.38% and a return on equity of 18.89%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 EPS. On average, equities research analysts predict that G&K Services will post $3.89 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Thursday, September 8th were given a $0.39 dividend. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. This is an increase from G&K Services’s previous quarterly dividend of $0.37. G&K Services’s payout ratio is presently 43.21%.
In related news, VP Jeffrey Louis Cotter sold 477 shares of the business’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $96.99, for a total transaction of $46,264.23. Following the completion of the sale, the vice president now owns 26,881 shares of the company’s stock, valued at approximately $2,607,188.19. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lynn Crump Caine sold 3,100 shares of the business’s stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $96.67, for a total transaction of $299,677.00. Following the sale, the director now directly owns 9,595 shares of the company’s stock, valued at approximately $927,548.65. The disclosure for this sale can be found here. 3.66% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in GK. Public Employees Retirement System of Ohio increased its stake in shares of G&K Services by 7.6% in the second quarter. Public Employees Retirement System of Ohio now owns 1,334 shares of the company’s stock worth $102,000 after buying an additional 94 shares in the last quarter. BlackRock Inc. boosted its position in G&K Services by 29.7% in the first quarter. BlackRock Inc. now owns 1,507 shares of the company’s stock valued at $111,000 after buying an additional 345 shares during the period. Advisor Group Inc. purchased a new position in G&K Services during the second quarter valued at approximately $116,000. PineBridge Investments L.P. boosted its position in G&K Services by 3.0% in the second quarter. PineBridge Investments L.P. now owns 2,506 shares of the company’s stock valued at $192,000 after buying an additional 74 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in G&K Services by 14.2% in the second quarter. Teacher Retirement System of Texas now owns 2,797 shares of the company’s stock valued at $214,000 after buying an additional 347 shares during the period. 94.75% of the stock is owned by institutional investors and hedge funds.
About G&K Services
G&K Services, Inc is a service-focused market leader of branded uniform and facility services programs. The Company’s facility products and services include floor mats, towels, mops and restroom hygiene products. The Company serves customers in industries including automotive, warehousing, distribution, transportation, energy, manufacturing, food processing, pharmaceutical, retail, restaurants, hospitality, government, healthcare and others.
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