State Treasurer State of Michigan trimmed its position in shares of Graco Inc. (NYSE:GGG) by 7.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,100 shares of the industrial products company’s stock after selling 1,800 shares during the quarter. State Treasurer State of Michigan’s holdings in Graco were worth $2,610,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BB&T Corp boosted its position in Graco by 0.4% during the second quarter. BB&T Corp now owns 2,567 shares of the industrial products company’s stock worth $280,000 after purchasing an additional 11 shares in the last quarter. Somerset Trust Co boosted its position in Graco by 0.4% during the second quarter. Somerset Trust Co now owns 5,093 shares of the industrial products company’s stock worth $557,000 after purchasing an additional 21 shares in the last quarter. BB&T Securities LLC boosted its position in Graco by 0.5% during the second quarter. BB&T Securities LLC now owns 6,930 shares of the industrial products company’s stock worth $757,000 after purchasing an additional 36 shares in the last quarter. Commerce Bank boosted its position in Graco by 1.5% during the second quarter. Commerce Bank now owns 4,038 shares of the industrial products company’s stock worth $441,000 after purchasing an additional 60 shares in the last quarter. Finally, WCM Investment Management CA boosted its position in Graco by 2.1% during the second quarter. WCM Investment Management CA now owns 3,695 shares of the industrial products company’s stock worth $404,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.
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In other news, Director Eric Etchart sold 757 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $119.20, for a total transaction of $90,234.40. Following the completion of the sale, the director now directly owns 12,464 shares of the company’s stock, valued at approximately $1,485,708.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider David M. Lowe sold 30,000 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $115.50, for a total value of $3,465,000.00. Following the sale, the insider now directly owns 164,809 shares of the company’s stock, valued at $19,035,439.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,516 shares of company stock valued at $10,298,479. Corporate insiders own 5.70% of the company’s stock.
Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.09. The business had revenue of $379.81 million during the quarter, compared to analyst estimates of $356.30 million. Graco had a return on equity of 42.05% and a net margin of 7.72%. The company’s revenue was up 16.1% compared to the same quarter last year. During the same period last year, the company posted $0.95 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Monday, October 16th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, October 13th. Graco’s dividend payout ratio is presently 75.79%.
GGG has been the topic of a number of research analyst reports. FBR & Co set a $140.00 target price on Graco and gave the stock a “hold” rating in a research report on Thursday, October 26th. Wolfe Research upgraded Graco from an “underperform” rating to a “peer perform” rating and set a $100.00 target price on the stock in a research report on Monday, July 31st. Royal Bank Of Canada reiterated a “hold” rating on shares of Graco in a research report on Friday, July 28th. BidaskClub upgraded Graco from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $128.00 price target on shares of Graco in a report on Friday, October 27th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Graco has an average rating of “Hold” and a consensus target price of $116.75.
Graco Company Profile
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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