Henkel makes $1.05 bln bid for GCP's Darex unit
- Author: Arturo Norris Mar 04, 2017,
Mar 04, 2017, 17:59
Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in shares of GCP Applied Technologies during the fourth quarter valued at $39,193,000. Guggenheim Capital LLC raised its stake in shares of GCP Applied Technologies by 350.8% in the second quarter. Finally, Seaport Global Securities started coverage on shares of GCP Applied Technologies in a research note on Friday, January 20th. The stock has risen 45 percent in the last 12 months. "The transaction will allow us to enhance our focus and provide a strong balance sheet for internal investment and bolt-on acquisitions necessary to provide new products, technologies, and solutions that offer layers-of-value for our customers", says GCP CEO Gregory Poling. Panagora Asset Management Inc. now owns 232,351 shares of the company's stock worth $6,050,000 after buying an additional 181,759 shares in the last quarter. Victory Capital Management Inc. increased its position in GCP Applied Technologies by 95.0% in the third quarter. AQR Capital Management LLC now owns 151,932 shares of the company's stock worth $3,956,000 after buying an additional 135,329 shares in the last quarter.
The 52 week high of GCP Applied Tech.'s shares is 31.8 whilst the 52 week low for shares in the company is 17.73. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of $0.31 by $0.02. The company has a market capitalization of $1.91 billion and a price-to-earnings ratio of 24.88. The 50 day moving average of NYSE:GCP is 26.79 and the 200 day moving average is 27.27. GCP Applied Technologies Inc.
GCP Applied Tech. has a 52 week low of $17.73 and a 52 week high of $31.95 with a P/E ratio of 29.42 The company's market cap is now $0.
Henkel (HENOY) shares rose modestly Thursday after submitting a binding bid to buy Darex Packaging Technologies for $1.05 billion in a bid to boost its adhesive business. Analysts anticipate that GCP Applied Technologies will post $1.60 earnings per share for the current year.
Several brokerages have recently issued reports on GCP. GCP Applied Technologies had a net margin of 5.61% and a return on equity of 1,424.27%.
On Friday Monness Crespi upgraded its target for shares of GCP Applied Tech.to "Buy" recommending a target price of 37 for investors; potentially meaning there is an increase of 19.35% from GCP Applied Tech.'s share price of 31. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company.