Greif (NYSE:GEF) Stock, Quote.Headers.trade-ideas

Greif

Greif Inc is a producer of industrial packaging products and services with manufacturing facilities located in many countries. It offers a comprehensive line of rigid industrial packaging products, such as steel, fiber, and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, blending, filling, logistics, warehousing, and other packaging services. The company operates in three reportable business segments including Global Industrial Packaging, Paper Packaging and Services, and Land Management. It operates in North and Latin America, Europe, Middle East, Africa and Asia Pacific regions.

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AptarGroup, Inc. (NYSE: ATR) reported second-quarter 2024 adjusted earnings per share of $1.37, beating the Zacks Consensus Estimate of $1.36. The bottom line increased 12% year over year from $1.22 (including comparable exchange rates).

AptarGroup Earnings Beat Estimates in Q2, Increase Y/Y

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Greif Inc

Greif, Inc. Corporation Class B Common Stock

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AptarGroup, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/atr#NYSE">ATR</a>) reported second-quarter 2024 adjusted earnings per share of $1.37, beating the Zacks Consensus Estimate of $1.36. The bottom line increased 12% year over year from $1.22 (including comparable exchange rates).
On a reported basis, earnings per share were $1.34 compared with the year-ago quarter&#39;s $1.24.
Total revenues increased 1.6% year over year to $910 million in the reported quarter. The reported figure missed the Zacks Consensus Estimate of $923 million. Core sales, excluding currency and acquisition effects, improved 3% year over year. The upside was driven by the solid performance in the Pharma segment. We expected core sales to be up 2.6% in the quarter.
<div class="chart_embed">
<h3>AptarGroup, Inc. Price, Consensus and EPS Surprise</h3>
<h3><img alt="AptarGroup, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/a2/1722004605.png" style="height:281px; width:620px" title="" /></h3>
AptarGroup, Inc. price-consensus-eps-surprise-chart | AptarGroup, Inc. Quote
</div>
<h3>Operational Update</h3>
Cost of sales fell 1.1% year over year to $567 million. Gross profit improved 6.3% year over year to $343 million. The gross margin expanded to 37.6% in the reported quarter compared with the prior-year quarter&#39;s 36%.
Selling, research, development and administrative expenses increased 5.76% year over year to $149 million. Adjusted operating income increased 7.54% year over year to $128 million. The adjusted operating margin was 14% in the reported quarter, up from the year-ago quarter&#39;s 13.3%. Adjusted EBITDA rose 6.5% year over year to $193 million in the second quarter.
<h3>Segmental Performances</h3>
Total revenues in the Pharma segment increased 6.1% year over year to $415 million. The reported figure surpassed our estimate of $410 million. Adjusted operating income in the quarter rose 13.5% year over year to $112 million. We predicted a quarterly adjusted operating income of $108 million.
Total revenues in the Beauty segment decreased 2.5% year over year to $321 322 million. Our estimate for the segment&#39;s revenues was $335 million. Operating income improved 8.62% year over year to $24 million in the second quarter. The reported figure surpassed our estimate of operating income of $23 million.
Total revenues in the Closures segment decreased 0.9% year over year to $174 million. We estimated revenues to be $180 million in the quarter. Operating income was $13 million in second-quarter 2023, reflecting a fall of 12.3% from the year-ago quarter. Our prediction for the quarter was $15 million.
<h3>Financial Performance</h3>
ATR reported cash and cash equivalents of $221 million as of Jun 30, 2024, down from $224 million as of Dec 31, 2023. The company generated $144 million of cash flow from operations in the second quarter of 2023 2024 compared with $84 million in the prior-year quarter.
<h3>Outlook</h3>
AptarGroup estimates third-quarter 2024 adjusted earnings per share of $1.38-$1.46.
<h3>Price Performance</h3>
ATR shares have gained 19.5% in the past year compared with the industry&#39;s growth of 9.4%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/00/72601.jpg?v=1979531236" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
AptarGroup currently has a Zacks Rank #3 (Hold).
<h3>Peer Q2 Performance</h3>
Greif, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gef#NYSE">GEF</a>) reported adjusted earnings per share of 82 cents in second-quarter fiscal 2024 (ended Apr 30, 2024), which surpassed the Zacks Consensus Estimate of 77 cents. The bottom line fell 54% year over year. Results were impacted by elevated raw material, transportation and manufacturing costs, and higher SG&amp;A expenses, reflecting increased compensation expenses and costs incurred for strategic investments.
Sales rose 4.1% year over year to $1.37 billion. The top line surpassed the Zacks Consensus Estimate of $1.31 billion.
Packaging Corporation of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pkg#NYSE">PKG</a>) reported adjusted earnings per share of $2.20 in the second quarter of 2024, beating the Zacks Consensus Estimate of $2.12. The reported figure was higher than the company&#39;s guidance of $2.07 in the quarter under review. However, the bottom line decreased 5% year over year.
Sales in the second quarter grew 6.3% year over year to $2.08 billion. The top line beat the Zacks Consensus Estimate of $2.03 billion.
<h3>Packaging Stock Awaiting Results</h3>
Sealed Air Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/see#NYSE">SEE</a>), scheduled to release second-quarter 2024 results on Aug 8, has a trailing four-quarter average surprise of 32.3%. The Zacks Consensus Estimate for SEE&#39;s second-quarter 2024 earnings is pegged at 64 cents per share, suggesting a year-over-year fall of 20%.
The Zacks Consensus Estimate for the company&#39;s top line is pegged at $1.31 billion, indicating a decrease of 5.3% from the prior-year reported figure.
<a href="https://www.zacks.com/stock/news/2310321/aptargroup-atr-earnings-beat-estimates-in-q2-increase-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2310321">To read this article on Zacks.com click here.</a>

Raymond James analyst Matt Roberts initiates coverage on Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) with a Market Perform rating.

Initiation

Raymond James Initiates Coverage On Greif with Market Perform Rating

Truist Securities analyst Michael Roxland maintains Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) with a Hold and lowers the price target from $71 to $69.

Truist Securities Maintains Hold on Greif, Lowers Price Target to $69

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Shares of companies within the broader materials sector are trading higher following recent CPI data.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Goldman Sachs analyst Susan Maklari upgraded the rating for Toll Brothers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) from Sell to Neutral, while raising the price target from $112 to $124. Toll Brothers shares fell 1.2% to close at $119.32 on Friday. <a href="https://www.benzinga.com/quote/TOL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler analyst Edward Tenthoff upgraded Fate Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FATE#NASDAQ">FATE</a>) from Neutral to Overweight and booted the price target from $4 to $6. Fate Therapeutics shares fell 4% to settle at $3.61 on Friday. <a href="https://www.benzinga.com/quote/FATE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities analyst George Staphos upgraded the rating for Greif, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) from Neutral to Buy, while increasing the price target from $76 to $77. Greif shares fell 0.7% to settle at $60.73 on Friday. <a href="https://www.benzinga.com/quote/GEF/analyst-ratings">See how other analysts view this stock. See how other analysts view this stock.</a></li>
<li>Truist Securities analyst Bill Chappell upgraded Keurig Dr Pepper Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDP#NASDAQ">KDP</a>) from Sell to Hold and boosted the price target from $27 to $34. Keurig Dr Pepper shares fell 0.1% to close at $34.04 on Friday. <a href="https://www.benzinga.com/quote/KDP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>UBS analyst Michael Lasser upgraded the rating for Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) from Neutral to Buy, while raising the price target from $85 to $106. Best Buy shares fell 0.6% to settle at $87.21 on Friday. <a href="https://www.benzinga.com/quote/BBY/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/06/39354679/this-analyst-with-86-accuracy-rate-sees-over-13-upside-in-alphabet-here-are-5-stock-picks-for-last-w">This Analyst With 86% Accuracy Rate Sees Over 13% Upside In Alphabet &#8211; Here Are 5 Stock Picks For Last Week From Wall Street&#8217;s Most Accurate Analysts</a>

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Piper Sandler cut the price target for Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) from $379 to $320. Piper Sandler analyst Arvind Ramnani maintained a Neutral rating. Accenture shares gained 1.5% to close at $286.71 on Friday. <a href="https://www.benzinga.com/quote/ACN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Goldman Sachs raised the price target for Toll Brothers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) from $112 to $124. Goldman Sachs analyst Susan Maklari upgraded the stock from Sell to Neutral. Toll Brothers shares fell 1.2% to close at $119.32 on Friday. <a href="https://www.benzinga.com/quote/TOL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham increased Zeta Global Holdings Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>) price target from $18 to $20. Needham analyst Ryan MacDonald maintained a Buy rating. Zeta Global shares fell 2.4% to close at $16.04 on Friday. <a href="https://www.benzinga.com/quote/ZETA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities increased the price target for Greif, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) from $76 to $77. B of A Securities analyst George Staphos upgraded the stock from Neutral to Buy. Greif shares fell 0.7% to close at $60.73 on Friday. <a href="https://www.benzinga.com/quote/GEF/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel slashed Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) price target from $63 to $57. Stifel analyst Mark Astrachan maintained a Buy rating. Monster Beverage shares fell 1.4% to close at $48.03 on Friday. <a href="https://www.benzinga.com/quote/MNST/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Susquehanna boosted Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) price target from $143 to $185. Susquehanna analyst Mehdi Hosseini maintained a Positive rating. Micron shares fell 1.2% to close at $141.36 on Friday. <a href="https://www.benzinga.com/quote/MU/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho boosted the price target for Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) from $160 to $170. Mizuho analyst Siti Panigrahi maintained a Buy rating. Oracle shares fell 1.2% to close at $138.13 on Friday. <a href="https://www.benzinga.com/quote/ORCL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Truist Securities increased Keurig Dr Pepper Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDP#NASDAQ">KDP</a>) price target from $27 to $34. Truist Securities analyst Bill Chappell upgraded the stock from Sell to Hold. Keurig Dr Pepper shares fell 0.1% to close at $34.04 on Friday. <a href="https://www.benzinga.com/quote/KDP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley cut NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) price target from $116 to $114. Morgan Stanley analyst Alex Straton maintained an Overweight rating. NIKE shares fell 0.8% to close at $93.39 on Friday. <a href="https://www.benzinga.com/quote/NKE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>UBS boosted Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) price target from $85 to $106. UBS analyst Michael Lasser upgraded the stock from Neutral to Buy. Best Buy shares fell 0.6% to close at $87.21 on Friday. <a href="https://www.benzinga.com/quote/BBY/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Greif shares are trading higher after B of A Securities upgraded the stock from Neutral to Buy and raised its price target from $76 to $77.

B of A Securities analyst George Staphos upgrades Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) from Neutral to Buy and raises the price target from $76 to $77.

B of A Securities Upgrades Greif to Buy, Raises Price Target to $77

Greif Announces Minimum 6% Price Increase On All Tube, Core, And Protective Packaging Products

Greif, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) reported mixed results for its <a href="https://www.benzinga.com/quote/GEF/earnings">second quarter on Thursday</a>.
Greif posted adjusted earnings of 82 cents per share, missing market estimates of 85 cents per share. The company's quarterly sales came in at $1.371 billion versus expectations of $1.300 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
&#8220;We are excited to present another quarter of solid progress on our Build to Last Strategy, including completing our Ipackchem acquisition and achieving multiple other milestones on our Build to Last missions,&#8221; stated Ole Rosgaard, Chief Executive Officer of Greif. &#8220;These missions, enabled by operating excellence, are structurally improving our operating efficiency, creating significant operating leverage as we saw continued signs of demand improvement in many of our key regions and end markets during the quarter. On the demand side, our second quarter results exceeded our expectations, however results were impacted by significant negative price or cost in our paper business from the continued delayed recognition of announced price increases. For the time being, we continue to monitor and manage the improving demand alongside our customers, while strictly managing costs to ensure value creation.&#8221;
Greif said it sees FY24 adjusted EBITDA of $675 million to $725 million.
Greif shares fell 2.6% to close at $61.38 on Thursday.
These analysts made changes to their price targets on Greif after the company reported quarterly results.
<ul>
<li>B of A Securities raised the price target on Greif from $75 to $76. B of A Securities analyst George Staphos maintained a Neutral rating.</li>
<li>Wells Fargo increased Greif price target from $78 to $80. Wells Fargo analyst Gabe Hajde maintained an Overweight rating on the stock.</li>
</ul>
Read More: <a href="https://www.benzinga.com/news/24/06/39224737/wall-streets-most-accurate-analysts-weigh-in-on-3-risk-off-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Risk Off Stocks Delivering High-Dividend Yields</a>

Greif Analysts Increase Their Forecasts After Q2 Results

Wells Fargo analyst Gabe Hajde maintains Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) with a Overweight and raises the price target from $78 to $80.

Wells Fargo Maintains Overweight on Greif, Raises Price Target to $80

B of A Securities analyst George Staphos maintains Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) with a Neutral and raises the price target from $75 to $76.

B of A Securities Maintains Neutral on Greif, Raises Price Target to $76

Greif, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gef#NYSE">GEF</a>) reported adjusted earnings per share of 82 cents in second-quarter fiscal 2024 (ended Apr 30, 2024), which surpassed the Zacks Consensus Estimate of 77 cents. The bottom line fell 54% year over year. Results were impacted by elevated raw material, transportation and manufacturing costs, and higher SG&amp;A expenses, reflecting increased compensation expenses and costs incurred for strategic investments. 
Including one-time items, EPS was 77 cents in the quarter compared with $1.90 in the prior-year quarter.
<h3>Operational Update</h3>
Sales rose 4.1% year over year to $1.37 billion. The top line surpassed the Zacks Consensus Estimate of $1.31 billion. 
The cost of sales rose 10.4% year over year to $1.1 billion. Gross profit amounted to $270 million, down 13.4% from the prior-year quarter. The gross margin came in at 19.7% compared with the prior-year quarter&#39;s 23.8%. 
Selling, general and administrative (SG&amp;A) expenses were $167 million, up 21.9% year over year. Adjusted EBITDA decreased 25.7% year over year to $170 million in the fiscal second quarter.
<div class="chart_embed">
<h3>Greif, Inc. Price, Consensus and EPS Surprise</h3>
<h3><a href="https://www.zacks.com/stock/chart/GEF/price-consensus-eps-surprise-chart?icid=chart-GEF-price-consensus-eps-surprise-chart"><img alt="Greif, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b7/1717677675.png" style="height:285px; width:620px" title="" /> </a></h3>
Greif, Inc. price-consensus-eps-surprise-chart | Greif, Inc. Quote
</div>
<h3>Segmental Performance</h3>
Sales in the Global Industrial Packaging segment rose 7.6% year over year to $805 million. Our model projected revenues of $748 million for the quarter. The segment&#39;s adjusted EBITDA amounted to $118 million compared with the year-ago quarter&#39;s $121 million. 
The Paper Packaging segment&#39;s sales increased 1.1% year over year to $561 million in the fiscal second quarter. The figure surpassed our estimated sales of $548 million. The segment&#39;s adjusted EBITDA fell to $49 million from the prior-year quarter&#39;s $105 million. 
The Land Management segment&#39;s sales totaled $5.4 million in the reported quarter compared with $5.9 million in the year-ago quarter. We projected the segment&#39;s sales to be $5.7 million in the quarter. Adjusted EBITDA was $2.6 million compared with the year-earlier quarter&#39;s $2.5 million.
<h3>Financial Position</h3>
Greif reported cash and cash equivalents of $196 million at the end of second-quarter fiscal 2024 compared with $181 million at the end of fiscal 2023. Cash flow from operating activities totaled $88 million in the quarter under review compared with $211 million in the prior-year quarter. 
Long-term debt amounted to $2.78 billion as of Apr 30, 2024, compared with $2.12 billion as of Oct 31, 2023. 
On Jun 3, Greif&#39;s board announced a quarterly cash dividend of 52 cents per share of Class A Common Stock and 78 cents per share of Class B Common Stock. The dividends will be paid out on Jul 1 to shareholders of record at the close of business as of Jun 1, 2024.
<h3>Outlook</h3>
Greif expects fiscal 2024 adjusted EBITDA between $675 million and $725 million, up from the prior announced $610 million. The adjusted free cash flow is anticipated between $175 million and $225 million.
<h3>Price Performance</h3>
GEF shares have gained 1.2% in the past year compared with the industry&#39;s growth of 14.5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/80/68313.jpg?v=410093733" /> 
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
Greif currently carries a Zacks Rank #3 (Hold).
<h3>Performances of Other Packaging Stocks</h3>
AptarGroup, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/atr#NYSE">ATR</a>) reported a first-quarter 2024 (ended Mar 31, 2024) adjusted EPS of $1.26, beating the Zacks Consensus Estimate of $1.13. The bottom line increased 31% from 95 cents (including comparable exchange rates) per share in the year-ago quarter, aided by strong sales growth in the Pharma business, and a continued margin expansion in the Beauty and Closures businesses. 
AptarGroup&#39;s total revenues increased 6.4% year over year to $915 million, surpassing the Zacks Consensus Estimate of $897 million. Core sales, excluding currency and acquisition effects, improved 5% year over year. 
Sonoco Products Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/son#NYSE">SON</a>) reported an adjusted EPS of $1.12 in the first quarter of 2024 (ended Mar 31, 2024), beating the Zacks Consensus Estimate of $1.08. The bottom line fell 20% from the prior-year quarter as gains from improved productivity were offset by price/cost pressures and lower volumes. 
Sonoco&#39;s net sales were $1.64 billion, which lagged the consensus estimate of $1.69 billion. The top line declined 5.3% year over year on lower volumes and pricing, somewhat offset by acquisitions. 
Packaging Corporation of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pkg#NYSE">PKG</a>) reported an adjusted EPS of $1.72 in the first quarter of 2024 (ended Mar 31, 2024), beating the Zacks Consensus Estimate of $1.63. The bottom line dipped 22% year over year mainly due to lower prices, and a mix in the Packaging and Paper segments. These were partially offset by higher volumes in the Packaging and Paper segments. 
PKG&#39;s sales in the quarter rose 0.2% year over year to $1.98 billion. The top line surpassed the Zacks Consensus Estimate of $1.91 billion.
<a href="https://www.zacks.com/stock/news/2284739/greif-gef-q2-earnings-beat-estimates-sales-increase-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2284739">To read this article on Zacks.com click here.</a>

Greif Q2 Earnings Beat Estimates, Sales Increase Y/Y

Guidance

Greif Sees FY24 Adj. EBITDA $675M-$725M

Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) reported quarterly earnings of $0.82 per share which missed the analyst consensus estimate of $0.85 by 3.53 percent. The company reported quarterly sales of $1.371 billion which beat the analyst consensus estimate of $1.300 billion by 5.47 percent. This is a 4.74 percent increase over sales of $1.309 billion the same period last year.

Earnings Misses

Greif Q2 2024 Adj EPS $0.82 Misses $0.85 Estimate, Sales $1.371B Beat $1.300B Estimate

Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) reported quarterly sales of $1.371 billion which beat the analyst consensus estimate of $1.300 billion by 5.47 percent. This is a 4.74 percent increase over sales of $1.309 billion the same period last year.

Greif Q2 Sales $1.371B Beat $1.300B Estimate

Greif Increases Price For Uncoated Recycled Paperboard From $50 To $70/Short Ton

Applied Industrial Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ait#NYSE">AIT</a>) is poised to gain from strength in the Service Center Based Distribution segment, acquired assets and a sound capital-deployment strategy. 
Let&#39;s delve into the factors that make this Zacks Rank #2 (Buy) company a smart investment choice at the moment. 
Business Strength: Applied Industrial is poised for growth on the back of strength across the food and beverage, lumber and wood, mining, pulp and paper, energy, utilities and refining end markets. The Service Center Based Distribution segment is benefiting from a strong market position, sales initiatives and growth across national customer accounts. 
An increase in demand for technical MRO support and fluid power MRO services across the U.S. manufacturing sector, driven by growing digitization and increasing investment in maintenance operations, is supporting the segment&#39;s revenues. The Service Center Based Distribution segment&#39;s revenues increased 3.6% in the third quarter (ended March 2024). Driven by strength across its business, the company predicts sales to increase in the range of 1-2.5% year over year in fiscal 2024 (ending June 2024). 
Expansion Initiatives: AIT has added multiple assets to its portfolio over time. In the fiscal third quarter, buyouts had a positive impact of 1.2% on the company&#39;s sales. Acquisitions boosted sales by 1.5% and 0.4% for the Service Center-Based Distribution and Engineered Solutions segments, respectively. 
In May 2024, Applied Industrial acquired Grupo Kopar (Kopar), thus enhancing its automation position in North America. The acquisitions of Bearing Distributors and Cangro (September 2023) enhanced the company&#39;s footprint and strategic growth initiatives across the Southeast U.S. and upper Northeast regions. The Advanced Motion Systems Inc. (April 2023) buyout expanded its footprint in the upper Northeast region of the United States while helping to bolster relationships with leading suppliers. 
Rewards to Shareholders: Applied Industrial is committed to rewarding its shareholders handsomely through dividend payments and share buybacks. In the first nine months of fiscal 2024, it rewarded shareholders with dividends of $41.5 million, up 4.3% year over year. The company hiked its quarterly dividend rate by 5.7% in January. In fiscal 2023, it paid out dividends worth $53.4 million, up 3.2% on a year-over-year basis. 
Northward Estimate Revision: The Zacks Consensus Estimate for AIT&#39;s fiscal 2024 (ending June 2024) earnings has been revised upward by 2.1% in the past 60 days. 
Price Performance: Shares of Applied Industrial have gained 53% in the past year, outperforming the industry&#39;s 29.3% increase.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/5c/67706.jpg?v=940516495" /> 
Image Source: Zacks Investment Research
<h3>Other Stocks to Consider</h3>
Some other top-ranked companies from the Industrial Products sector are discussed below. 
Greif, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gef#NYSE">GEF</a>) presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 150.6%. 
The Zacks Consensus Estimate for GEF&#39;s fiscal 2024 earnings has improved 5.3% in the past 60 days. The stock has risen 6.2% in the past year. 
Belden Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bdc#NYSE">BDC</a>) presently carries a Zacks Rank of 2 and has a trailing four-quarter earnings surprise of 14.7%, on average. 
The consensus estimate for BDC&#39;s 2024 earnings has increased 8.3% in the past 60 days. Shares of Belden have risen 9.7% in the past year. 
Crane Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cr#NYSE">CR</a>) presently carries a Zacks Rank of 2. CR delivered a trailing four-quarter earnings surprise of 15.2%, on average. 
The Zacks Consensus Estimate for CR&#39;s 2024 earnings has increased 3.1% in the past 60 days. Its shares have risen 91.9% in the past year.
<a href="https://www.zacks.com/stock/news/2280855/here-s-why-applied-industrial-ait-is-an-attractive-pick-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2280855">To read this article on Zacks.com click here.</a>

Here's Why Applied Industrial is an Attractive Pick Now

Truist Securities analyst Michael Roxland initiates coverage on Greif (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) with a Hold rating and announces Price Target of $71.

Truist Securities Initiates Coverage On Greif with Hold Rating, Announces Price Target of $71

Although U.S. stocks closed little changed on Monday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#39;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Semtech </h3>
<ul>
<li>The Trade: Semtech Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smtc#NASDAQ">SMTC</a>) EVP and CFO Mark Lin <a href="https://www.benzinga.com/quote/SMTC/analyst-ratings"> acquired a total of 1,000 shares </a> an average price of $33.23. To acquire these shares, it cost around $33,232.</li>
<li>What&rsquo;s Happening: On March 28, Semtech posted a loss for the fourth quarter.</li>
<li>What Semtech Does: Semtech Corp is engaged in designing, developing, manufacturing and marketing analog and mixed-signal semiconductors, algorithms and wireless semiconductors, connectivity modules, gateways, routers and connected services for IoT.</li>
</ul>
<h3>Greif </h3>
<ul>
<li>The Trade: Greif, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gef#NYSE">GEF</a>) Executive VP &amp; General Counsel Gary R Martz acquired a total of 10,082 shares at an average price of $68.23. To acquire these shares, it cost around $687,932.</li>
<li>What&rsquo;s Happening: On Feb. 28, Greif posted upbeat quarterly earnings.</li>
<li>What Greif Does: Greif Inc is a producer of industrial packaging products and services with manufacturing facilities located in many countries.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Zumiez </h3>
<ul>
<li>The Trade: Zumiez Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zumz#NASDAQ">ZUMZ</a>) President International Adam Christopher Ellis <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 10,000 shares </a> at an average price of $14.31. To acquire these shares, it cost around $143,100.</li>
<li>What&rsquo;s Happening: On March 20, B. Riley Securities analyst Jeff Van Sinderen maintained Zumiez with a Neutral and lowered the price target from $19 to $16.</li>
<li>What Zumiez Does: Zumiez Inc is a United-States-based specialty retailer engaged in the sale of apparel, footwear, accessories, and hard goods.</li>
</ul>
<h3>AngioDynamics </h3>
<ul>
<li>The Trade: AngioDynamics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ango#NASDAQ">ANGO</a>) President and CEO James C Clemmer <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 10,000 shares </a> at an average price of $6.70. The insider spent around $67,000 to buy those shares.</li>
<li>What&rsquo;s Happening: On April 4, AngioDynamics received FDA 510(k) clearance For AlphaVac F1885 System For Pulmonary Embolism.</li>
<li>What AngioDynamics Does: AngioDynamics Inc designs manufactures, and sells medical, surgical, and diagnostic devices used by professional healthcare providers for the treatment of peripheral vascular disease and for use in oncology and surgical settings.</li>
</ul>
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Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38154721/investor-optimism-improves-fear-greed-index-remains-in-greed-zone"> Investor Optimism Improves; Fear &amp; Greed Index Remains In &#39;Greed&#39; Zone </a>
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Long Ideas

Insider Trades

Pre-Market Outlook

ANGO

SMTC

ZUMZ

Insiders Buying Zumiez And 3 Other Stocks

Greif announces price increase for tube and core and protective packaging products

Greif: Another Price Increase? Good Greif

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Ex-Dividend Date Nearing for These 10 Stocks – Week of June 17, 2024

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Stifel Nicolaus analyst Michael E. Hoffman reiterated a Buy rating on Greif Class A (GEF – Research Report) today and set a price target of $88.00....

Stifel Nicolaus Sticks to Its Buy Rating for Greif Class A (GEF)

Greif: Not Compelled To Shift Our Neutral Stance

AptarGroup: Shares Are Pumped Up

Crown Holdings Pops On Fizzy Q2 Results And Guidance

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Press Releases

General

Greif Prepares For Opening of New Manufacturing Facility in Dallas, Texas

Greif, Inc. Announces 2024 Second Quarter Earnings Release and Conference Call Dates

Management

Park National Corporation welcomes Kelly Gratz and Karen Morrison to Board of Directors

Greif Named to Newsweek's List of the Top 100 Global Most Loved Workplaces For 2024

Jillian Evanko Joins Greif Board of Directors

Dividends

Greif, Inc. Declares Quarterly Dividend

Greif Announces Price Increase for Uncoated Recycled Paperboard (URB)

Greif Reports Fiscal Second Quarter 2024 Results

Greif Announces Price Increase for Tube and Core and Protective Packaging Products

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Greif

Greif (GEF) Forecast

Greif (NYSE:GEF) Stock, Quote.Headers.trade-ideas