G & K Services Shares Gap Up Following Strong Earnings (GK)
Shares of G & K Services (NYSE:GK) gapped up prior to trading on Friday following a better than expected earnings announcement, AmericanBankingNews.com reports. The stock had previously closed at $51.57, but opened at $52.12. G & K Services shares last traded at $53.50, with a volume of 114,865 shares trading hands.
The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.73 by $0.03. The company had revenue of $219.40 million for the quarter, compared to the consensus estimate of $227.28 million.
A number of research firms have recently commented on GK. Analysts at JPMorgan Chase & Co. upgraded shares of G & K Services from a “neutral” rating to an “overweight” rating in a research note on Friday. They now have a $64.00 price target on the stock, up previously from $60.00. They noted that the move was a valuation call. Analysts at KeyCorp reiterated a “buy” rating on shares of G & K Services in a research note on Tuesday, June 24th. They now have a $63.00 price target on the stock, down previously from $68.00. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $64.50.
The stock has a 50-day moving average of $50.54 and a 200-day moving average of $55.46. The company has a market cap of $1.069 billion and a P/E ratio of 26.35.
G&K Services, Inc, provides branded uniform and facility services programs. The Company serves a base of approximately 165,000 customers.
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