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 to clients and investors 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. “
Shares of G&K Services (NASDAQ:GK) remained flat at $97.50 during midday trading on Monday. 418,583 shares of the company were exchanged. G&K Services has a 1-year low of $69.17 and a 1-year high of $98.21. The company has a 50 day moving average price of $95.02 and a 200 day moving average price of $95.77. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 34.23 and a beta of 0.99.
G&K Services (NASDAQ:GK) last announced its quarterly earnings results on Tuesday, January 31st. The company reported $0.90 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.09. G&K Services had a net margin of 5.77% and a return on equity of 18.44%. The business earned $244.10 million during the quarter, compared to analysts’ expectations of $249.31 million. During the same quarter in the prior year, the firm earned $0.92 EPS. G&K Services’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts expect that G&K Services will post $3.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Monday, February 27th were paid a $0.39 dividend. The ex-dividend date was Thursday, February 23rd. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. G&K Services’s dividend payout ratio is presently 54.74%.
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Institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors boosted its stake in G&K Services by 7.7% in the third quarter. BlackRock Fund Advisors now owns 1,366,323 shares of the company’s stock valued at $130,470,000 after buying an additional 97,536 shares during the last quarter. JPMorgan Chase & Co. boosted 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 valued at $59,538,000 after buying an additional 18,794 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in G&K Services by 1.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 500,209 shares of the company’s stock valued at $47,765,000 after buying an additional 7,638 shares during the last quarter. State Street Corp boosted its stake in G&K Services by 3.4% in the fourth quarter. State Street Corp now owns 432,158 shares of the company’s stock valued at $41,686,000 after buying an additional 14,205 shares during the last quarter. Finally, Allianz Asset Management AG boosted its stake in G&K Services by 30.6% in the fourth quarter. Allianz Asset Management AG now owns 367,499 shares of the company’s stock valued at $35,445,000 after buying an additional 86,204 shares during the last quarter. Hedge funds and other institutional investors own 88.61% of the company’s stock.
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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