Zacks Investment Research Upgrades G&K Services Inc (GK) to “Hold”
G&K Services Inc (NASDAQ:GK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “G&K Services, Inc. is a market leader in branded identity apparel programs and facility services in the United States, and is the largest such provider in Canada. G&K operates over processing facilities and branch offices. “
G&K Services (NASDAQ:GK) remained flat at $97.50 during mid-day trading on Monday. The company had a trading volume of 418,583 shares. The stock has a 50 day moving average of $95.02 and a 200 day moving average of $95.77. The firm has a market capitalization of $1.92 billion, a P/E ratio of 34.23 and a beta of 0.99. G&K Services has a 52 week low of $69.17 and a 52 week high of $98.21.
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G&K Services (NASDAQ:GK) last posted its earnings results on Tuesday, January 31st. The company reported $0.90 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.09. The business had revenue of $244.10 million for the quarter, compared to analyst estimates of $249.31 million. G&K Services had a return on equity of 18.44% and a net margin of 5.77%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.92 EPS. On average, equities research analysts predict that G&K Services will post $3.57 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Monday, February 27th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Thursday, February 23rd. G&K Services’s dividend payout ratio (DPR) is presently 54.74%.
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Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in G&K Services by 3.1% in the third quarter. JPMorgan Chase & Co. now owns 623,498 shares of the company’s stock worth $59,538,000 after buying an additional 18,794 shares during the period. UBS Asset Management Americas Inc. boosted its position in G&K Services by 2.0% in the third quarter. UBS Asset Management Americas Inc. now owns 13,613 shares of the company’s stock worth $1,300,000 after buying an additional 267 shares in the last quarter. IndexIQ Advisors LLC bought a new position in G&K Services during the third quarter worth $1,181,000. Alps Advisors Inc. bought a new position in G&K Services during the third quarter worth $409,000. Finally, Aperio Group LLC boosted its position in G&K Services by 2.0% in the third quarter. Aperio Group LLC now owns 4,669 shares of the company’s stock worth $446,000 after buying an additional 91 shares in the last quarter. 88.61% of the stock is owned by hedge funds and other institutional investors.
About G&K Services
G&K Services, Inc is a service-focused provider of branded uniform and facility services programs. The Company provides a range of workwear and protective safety apparel through rental and direct purchase programs. The Company also supplies various facility products and services, including floor mats, towels, mops, restroom hygiene products, and first aid supplies.
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