Greggs (LON:GRG) Trading Up 9.2% – Here’s Why

Shares of Greggs plc (LON:GRG) were up 9.2% during mid-day trading on Wednesday . The stock traded as high as GBX 2,237.88 ($29.97) and last traded at GBX 2,182 ($29.22). Approximately 1,496,559 shares were traded during trading, a decline of 0% from the average daily volume of 1,501,760 shares. The stock had previously closed at GBX 1,999 ($26.77).

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GRG shares. Berenberg Bank decreased their price target on shares of Greggs from GBX 3,420 ($45.80) to GBX 3,250 ($43.52) and set a “buy” rating for the company in a research note on Wednesday, March 5th. Shore Capital reiterated a “buy” rating on shares of Greggs in a research note on Tuesday.

Greggs Price Performance

The firm has a market capitalization of £2.18 billion, a PE ratio of 16.06, a price-to-earnings-growth ratio of 3.39 and a beta of 1.43. The company has a debt-to-equity ratio of 66.19, a quick ratio of 0.88 and a current ratio of 0.80. The business’s 50 day moving average is GBX 1,827.02 and its two-hundred day moving average is GBX 2,210.36.

Greggs (LON:GRG) last released its quarterly earnings data on Tuesday, March 4th. The company reported GBX 150.70 ($2.02) earnings per share for the quarter. Greggs had a net margin of 7.13% and a return on equity of 26.79%. Equities research analysts anticipate that Greggs plc will post 142.3763386 earnings per share for the current fiscal year.

Greggs Increases Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 20th were paid a GBX 100 ($1.34) dividend. This represents a yield of 3.66%. This is a positive change from Greggs’s previous dividend of $50.00. The ex-dividend date was Thursday, March 20th. Greggs’s payout ratio is currently 48.21%.

Insider Activity at Greggs

In other news, insider Roisin Currie purchased 721 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was purchased at an average cost of GBX 1,796 ($24.05) per share, with a total value of £12,949.16 ($17,341.85). 5.89% of the stock is owned by company insiders.

About Greggs

Greggs is a leading UK food-on-the-go retailer with more than 2,600 shops nationwide and approximately 33,000 employees across the business.

As a food-on-the-go retailer, Greggs specialises in daily fresh shop-made sandwiches, and savouries baked fresh in the shop ovens throughout the day. These are further complemented by popular products and ranges including freshly ground coffee, breakfast, confectionery and evening menu items.