Griffin Asset Management Inc. acquired a new position in shares of Graco Inc. (NYSE:GGG) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 19,165 shares of the industrial products company’s stock, valued at approximately $2,094,000.
A number of other institutional investors also recently bought and sold shares of the business. USA Financial Portformulas Corp acquired a new stake in Graco during the 2nd quarter worth approximately $473,000. Dynamic Technology Lab Private Ltd acquired a new stake in Graco during the 2nd quarter worth approximately $577,000. Koch Industries Inc. acquired a new stake in Graco during the 2nd quarter worth approximately $582,000. Verition Fund Management LLC acquired a new stake in Graco during the 2nd quarter worth approximately $444,000. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Graco by 11.4% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 6,798 shares of the industrial products company’s stock worth $743,000 after acquiring an additional 698 shares during the period. 86.81% of the stock is owned by institutional investors.
In other Graco news, Director Eric Etchart sold 759 shares of the business’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $124.90, for a total transaction of $94,799.10. Following the completion of the transaction, the director now owns 11,983 shares in the company, valued at approximately $1,496,676.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Karen Park Gallivan sold 12,242 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total value of $1,407,830.00. Following the transaction, the vice president now owns 27,264 shares of the company’s stock, valued at approximately $3,135,360. The disclosure for this sale can be found here. Insiders have sold a total of 66,258 shares of company stock valued at $7,758,089 in the last quarter. 5.70% of the stock is currently owned by insiders.
A number of analysts have weighed in on GGG shares. Zacks Investment Research raised Graco from a “hold” rating to a “buy” rating and set a $127.00 price objective for the company in a research report on Monday, July 31st. Wolfe Research raised Graco from an “underperform” rating to a “peer perform” rating and set a $100.00 price objective for the company in a research report on Monday, July 31st. FBR & Co reaffirmed a “marketperform” rating on shares of Graco in a research report on Tuesday, July 11th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Graco in a research report on Friday, July 28th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Graco in a research report on Friday. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Graco has a consensus rating of “Hold” and an average price target of $110.00.
Graco Inc. (NYSE:GGG) traded up 0.97% during mid-day trading on Friday, hitting $127.18. The stock had a trading volume of 111,634 shares. The company has a 50-day moving average of $121.62 and a 200-day moving average of $111.78. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 80.70 and a beta of 1.25. Graco Inc. has a 12-month low of $72.88 and a 12-month high of $127.88.
Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.32. Graco had a return on equity of 40.21% and a net margin of 6.50%. The company had revenue of $379.50 million during the quarter, compared to analyst estimates of $369.36 million. During the same quarter in the previous year, the firm posted $0.89 EPS. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. On average, analysts anticipate that Graco Inc. will post $4.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Monday, October 16th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.14%. Graco’s dividend payout ratio (DPR) is presently 92.90%.
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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