Greggs (LON:GRG) Trading 9.2% Higher – Time to Buy?

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

Wall Street Analysts Forecast Growth

GRG has been the subject of several research reports. Berenberg Bank reduced their price objective on Greggs from GBX 3,420 ($45.80) to GBX 3,250 ($43.52) and set a “buy” rating for the company in a report on Wednesday, March 5th. Shore Capital reiterated a “buy” rating on shares of Greggs in a research note on Tuesday.

Greggs Trading Down 1.3%

The company has a market cap of £2.17 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 3.39 and a beta of 1.43. The company has a quick ratio of 0.88, a current ratio of 0.80 and a debt-to-equity ratio of 66.19. The firm’s 50-day moving average price is GBX 1,827.02 and its 200-day moving average price is GBX 2,210.36.

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

Greggs Increases Dividend

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

Insiders Place Their Bets

In related news, insider Roisin Currie purchased 721 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were purchased at an average cost of GBX 1,796 ($24.05) per share, for a total transaction of £12,949.16 ($17,341.85). 5.89% of the stock is owned by corporate insiders.

Greggs Company Profile

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.