Bank of America Corp DE Cuts Stock Holdings in Green Plains, Inc. $GPRE

Key Points

• Bank of America reduced its Green Plains stake by 43.5% in the first quarter, selling 626,542 shares and retaining 815,273 shares valued at approximately $13.4 million.
• Institutional sentiment was mixed, with AQR Capital Management and UBS Asset Management significantly increasing their positions while other investors made smaller additions or initiated new holdings.
• Green Plains reported quarterly EPS of $0.83, exceeding the $0.54 consensus estimate, though revenue of $446.2 million fell short of expectations. Analysts’ average rating remains “Hold,” with an average price target of $15.43.

Bank of America Corp DE cut its stake in shares of Green Plains, Inc. (NASDAQ:GPRE - Free Report) by 43.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 815,273 shares of the specialty chemicals company's stock after selling 626,542 shares during the quarter. Bank of America Corp DE owned 1.16% of Green Plains worth $13,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake in shares of Green Plains by 62.5% in the 1st quarter. AQR Capital Management LLC now owns 152,731 shares of the specialty chemicals company's stock valued at $741,000 after purchasing an additional 58,767 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Green Plains by 69.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 559,216 shares of the specialty chemicals company's stock valued at $2,712,000 after buying an additional 229,353 shares during the period. Creative Planning boosted its position in Green Plains by 6.9% during the second quarter. Creative Planning now owns 42,977 shares of the specialty chemicals company's stock valued at $259,000 after buying an additional 2,759 shares during the period. Rhumbline Advisers grew its stake in shares of Green Plains by 1.3% during the second quarter. Rhumbline Advisers now owns 100,159 shares of the specialty chemicals company's stock valued at $604,000 after buying an additional 1,246 shares during the last quarter. Finally, Prudential Financial Inc. bought a new position in shares of Green Plains during the second quarter valued at about $297,000.

Analyst Upgrades and Downgrades

GPRE has been the topic of a number of analyst reports. Stephens lifted their price target on Green Plains from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Green Plains in a research note on Friday, July 17th. UBS Group raised their target price on shares of Green Plains from $12.00 to $20.00 and gave the stock a "neutral" rating in a report on Friday, July 17th. Wall Street Zen raised shares of Green Plains from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Oppenheimer reiterated an "outperform" rating and set a $20.00 price target on shares of Green Plains in a report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $15.43.

Green Plains Stock Performance

Shares of GPRE stock opened at $16.25 on Friday. Green Plains, Inc. has a one year low of $8.16 and a one year high of $19.65. The company's 50-day moving average is $16.03 and its 200 day moving average is $15.67. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 10.22 and a beta of 1.17. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.58 and a current ratio of 1.99.

Green Plains (NASDAQ:GPRE - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The specialty chemicals company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.29. Green Plains had a net margin of 6.78% and a return on equity of 14.52%. The firm had revenue of $446.22 million for the quarter, compared to analysts' expectations of $542.38 million. During the same quarter in the prior year, the company posted ($1.09) earnings per share. Sell-side analysts expect that Green Plains, Inc. will post 2.04 EPS for the current fiscal year.

Green Plains Company Profile

Green Plains Inc is a leading producer of fuel-grade ethanol and related co-products in the United States. Headquartered in Omaha, Nebraska, the company operates an integrated network of biorefineries that convert corn and other grains into renewable fuels. Through its production facilities, Green Plains supplies ethanol to domestic fuel markets and export channels, supporting efforts to reduce greenhouse gas emissions and promote cleaner-burning transportation options.

Beyond ethanol, Green Plains manufactures a range of co-products that add value throughout the agricultural supply chain.

Want to see what other hedge funds are holding GPRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Green Plains, Inc. (NASDAQ:GPRE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source