Greif (NYSE:GEF) Price Target Cut to $73.00 by Analysts at Bank of America

Greif (NYSE:GEF) had its price objective decreased by Bank of America from $77.00 to $73.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price points to a potential upside of 17.12% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Truist Financial reissued a “hold” rating and set a $67.00 price objective (down from $69.00) on shares of Greif in a research report on Friday. 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. Raymond James initiated coverage on Greif in a research note on Friday, July 19th. They set a “market perform” rating for the company. StockNews.com cut Greif from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Finally, Stifel Nicolaus restated a “buy” rating and set a $88.00 price target on shares of Greif in a research note on Monday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.00.

Greif Price Performance

Greif stock traded up $0.40 during trading on Friday, reaching $62.33. The company had a trading volume of 65,995 shares, compared to its average volume of 165,851. The firm’s 50-day simple moving average is $61.06 and its 200 day simple moving average is $62.75. Greif has a 1-year low of $55.95 and a 1-year high of $74.46. The firm has a market capitalization of $2.94 billion, a PE ratio of 13.36 and a beta of 0.91. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.17 and a current ratio of 1.57.

Greif (NYSE:GEF) last announced 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. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.30 billion. Greif had a return on equity of 15.57% and a net margin of 5.17%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.77 EPS. As a group, equities research analysts anticipate that Greif will post 4.45 earnings per share for the current fiscal year.

Institutional Trading of Greif

Large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in Greif by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,151 shares of the industrial products company’s stock worth $1,185,000 after buying an additional 886 shares during the period. Norges Bank purchased a new position in Greif during the fourth quarter worth about $10,972,000. Quest Partners LLC purchased a new position in Greif during the fourth quarter worth about $192,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Greif by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 409,407 shares of the industrial products company’s stock worth $26,853,000 after purchasing an additional 15,169 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Greif in the 4th quarter worth about $524,000. Institutional investors and hedge funds own 45.74% of the company’s stock.

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.