Trade Report: The Louisiana State Employees Retirement System Reduces Stake in G&K Services Inc. (GK)

The Louisiana State Employees Retirement System Reduces Stake in G&K Services Inc. (GK)

Louisiana State Employees Retirement System reduced its stake in shares of G&K Services Inc. (NASDAQ:GK) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,700 shares of the company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in G&K Services were worth $666,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of G&K Services by 29.7% in the first quarter. BlackRock Inc. now owns 1,507 shares of the company’s stock worth $111,000 after buying an additional 345 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of G&K Services during the second quarter valued at $218,000. Aperio Group LLC purchased a new stake in shares of G&K Services during the first quarter valued at $336,000. BNP Paribas Arbitrage SA boosted its stake in shares of G&K Services by 87.2% in the second quarter. BNP Paribas Arbitrage SA now owns 6,713 shares of the company’s stock valued at $514,000 after buying an additional 3,127 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its stake in shares of G&K Services by 6.6% in the second quarter. Capstone Asset Management Co. now owns 6,963 shares of the company’s stock valued at $533,000 after buying an additional 430 shares during the last quarter. Hedge funds and other institutional investors own 94.75% of the company’s stock.

G&K Services Inc. (NASDAQ:GK) traded down 0.02% during midday trading on Thursday, hitting $94.84. The stock had a trading volume of 214,170 shares. The stock has a market cap of $1.87 billion, a PE ratio of 26.27 and a beta of 1.14. G&K Services Inc. has a 52-week low of $51.94 and a 52-week high of $98.22. The company’s 50 day moving average price is $96.41 and its 200-day moving average price is $81.64.

G&K Services (NASDAQ:GK) last announced its earnings results on Tuesday, August 16th. The company reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.05. The firm earned $258.50 million during the quarter, compared to analysts’ expectations of $257.80 million. G&K Services had a return on equity of 18.89% and a net margin of 7.38%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. Analysts forecast that G&K Services Inc. will post $3.89 EPS 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 issued a $0.39 dividend. This is a boost from G&K Services’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. G&K Services’s payout ratio is 43.21%.

Several brokerages recently weighed in on GK. Zacks Investment Research cut G&K Services from a “hold” rating to a “sell” rating in a research note on Thursday, August 18th. JPMorgan Chase & Co. cut G&K Services from an “overweight” rating to a “neutral” rating and set a $97.00 price target on the stock. in a research note on Thursday, August 18th. Robert W. Baird raised G&K Services from a “neutral” rating to an “outperform” rating and set a $111.00 price target on the stock in a research note on Wednesday, August 17th. Finally, Barrington Research cut G&K Services from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 6th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $94.67.

In related news, Director M Lenny Pippin sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $97.30, for a total transaction of $233,520.00. Following the completion of the sale, the director now directly owns 22,398 shares of the company’s stock, valued at approximately $2,179,325.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lynn Crump Caine sold 3,100 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $96.67, for a total value of $299,677.00. Following the sale, the director now directly owns 9,595 shares of the company’s stock, valued at $927,548.65. The disclosure for this sale can be found here. 3.66% of the stock is owned by insiders.

G&K Services Company Profile

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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