Highbridge Capital Management LLC Decreases Position in Green Plains Inc (GPRE)
Highbridge Capital Management LLC reduced its stake in shares of Green Plains Inc (NASDAQ:GPRE) by 39.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 300,789 shares of the specialty chemicals company’s stock after selling 199,211 shares during the quarter. Highbridge Capital Management LLC owned approximately 0.73% of Green Plains worth $6,061,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the stock. Royce & Associates LP boosted its holdings in shares of Green Plains by 80.0% during the third quarter. Royce & Associates LP now owns 90,000 shares of the specialty chemicals company’s stock worth $1,813,000 after purchasing an additional 40,000 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Green Plains by 4.2% during the third quarter. Dimensional Fund Advisors LP now owns 3,503,869 shares of the specialty chemicals company’s stock worth $70,603,000 after purchasing an additional 140,514 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Green Plains by 8.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 524,456 shares of the specialty chemicals company’s stock worth $10,568,000 after purchasing an additional 42,724 shares during the period. Trexquant Investment LP acquired a new stake in shares of Green Plains during the third quarter worth approximately $536,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Green Plains by 65.5% during the third quarter. JPMorgan Chase & Co. now owns 986,647 shares of the specialty chemicals company’s stock worth $19,734,000 after purchasing an additional 390,572 shares during the period.
GPRE has been the subject of several research reports. Zacks Investment Research cut shares of Green Plains from a “hold” rating to a “strong sell” rating in a report on Thursday, October 26th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $19.00 price objective on shares of Green Plains in a research report on Tuesday, September 5th. BMO Capital Markets reaffirmed an “outperform” rating and set a $25.00 price objective (down previously from $30.00) on shares of Green Plains in a research report on Monday, November 6th. Craig Hallum started coverage on shares of Green Plains in a research report on Thursday, September 14th. They set a “buy” rating and a $29.00 price objective on the stock. Finally, Roth Capital set a $25.00 price objective on shares of Green Plains and gave the company a “buy” rating in a research report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $25.33.
Green Plains (NASDAQ:GPRE) last released its quarterly earnings results on Wednesday, November 1st. The specialty chemicals company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.47). Green Plains had a net margin of 0.92% and a negative return on equity of 0.88%. The firm had revenue of $901.20 million during the quarter, compared to the consensus estimate of $933.36 million. During the same period in the prior year, the business earned $0.20 EPS. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. sell-side analysts forecast that Green Plains Inc will post -0.66 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, November 27th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, November 24th. Green Plains’s dividend payout ratio is 67.61%.
In related news, Director Wayne Hoovestol acquired 102,653 shares of the stock in a transaction dated Friday, November 17th. The shares were acquired at an average price of $16.37 per share, for a total transaction of $1,680,429.61. Following the completion of the purchase, the director now owns 218,277 shares in the company, valued at approximately $3,573,194.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ejnar A. Knudsen III acquired 15,483 shares of the stock in a transaction dated Thursday, November 30th. The stock was bought at an average price of $16.54 per share, for a total transaction of $256,088.82. The disclosure for this purchase can be found here. In the last three months, insiders bought 148,136 shares of company stock worth $2,439,918. Insiders own 6.40% of the company’s stock.
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Green Plains Profile
Green Plains Inc is an ethanol producer. The Company owns and operates assets throughout the ethanol value chain, including upstream, with grain handling and storage through its ethanol production facilities, and downstream, with marketing and distribution services. It operates through four segments: Ethanol Production, Agribusiness and Energy Services, Food and Food Ingredients, and Partnership.
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