Northern Trust Corp reduced its stake in shares of G&K Services Inc. (NASDAQ:GK) by 0.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 660,669 shares of the company’s stock after selling 1,761 shares during the period. Northern Trust Corp’s holdings in G&K Services were worth $63,086,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. TimesSquare Capital Management LLC purchased a new stake in G&K Services during the second quarter worth approximately $42,640,000. SG Americas Securities LLC purchased a new stake in G&K Services during the third quarter worth approximately $16,281,000. BlackRock Fund Advisors raised 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 worth $130,470,000 after buying an additional 97,536 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in G&K Services by 572.2% in the second quarter. Westwood Holdings Group Inc. now owns 94,051 shares of the company’s stock worth $7,201,000 after buying an additional 80,059 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC raised its stake in G&K Services by 12.4% in the second quarter. Silvercrest Asset Management Group LLC now owns 495,072 shares of the company’s stock worth $37,908,000 after buying an additional 54,599 shares in the last quarter. Hedge funds and other institutional investors own 90.80% of the company’s stock.
Shares of G&K Services Inc. (NASDAQ:GK) opened at 96.56 on Friday. G&K Services Inc. has a one year low of $51.94 and a one year high of $98.21. The stock has a 50 day moving average of $96.39 and a 200 day moving average of $92.52. The stock has a market cap of $1.90 billion, a P/E ratio of 29.17 and a beta of 1.03.
G&K Services (NASDAQ:GK) last issued its quarterly earnings data on Tuesday, November 1st. The company reported $0.89 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.91 by $0.02. The company had revenue of $241 million for the quarter, compared to analysts’ expectations of $245.08 million. G&K Services had a net margin of 6.72% and a return on equity of 18.75%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, analysts forecast that G&K Services Inc. will post $3.76 EPS for the current year.
GK has been the topic of a number of recent research reports. Zacks Investment Research raised shares of G&K Services from a “sell” rating to a “hold” rating in a research note on Wednesday, September 28th. Barrington Research lowered shares of G&K Services from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 6th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. G&K Services has a consensus rating of “Hold” and an average price target of $104.00.
In other G&K Services news, Director Alice M. Richter sold 2,400 shares of the business’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $94.76, for a total transaction of $227,424.00. Following the transaction, the director now directly owns 15,095 shares of the company’s stock, valued at approximately $1,430,402.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.66% of the stock is currently owned by insiders.
G&K Services Company Profile
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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