Prudential Financial Inc. raised its stake in shares of Graco Inc. (NYSE:GGG) by 1.4% during the second quarter, Holdings Channel reports. The institutional investor owned 97,888 shares of the company’s stock after buying an additional 1,382 shares during the period. Prudential Financial Inc. owned 0.18% of Graco worth $7,733,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of GGG. Creative Planning increased its position in Graco by 13.9% in the second quarter. Creative Planning now owns 1,354 shares of the company’s stock worth $107,000 after buying an additional 165 shares during the period. Princeton Alpha Management LP purchased a new position in Graco during the second quarter worth about $204,000. Park National Corp OH increased its position in Graco by 0.4% in the second quarter. Park National Corp OH now owns 2,733 shares of the company’s stock worth $216,000 after buying an additional 11 shares during the period. LS Investment Advisors LLC increased its position in Graco by 73.9% in the second quarter. LS Investment Advisors LLC now owns 3,447 shares of the company’s stock worth $272,000 after buying an additional 1,465 shares during the period. Finally, Wesbanco Bank Inc. increased its position in Graco by 41.2% in the second quarter. Wesbanco Bank Inc. now owns 3,910 shares of the company’s stock worth $309,000 after buying an additional 1,140 shares during the period. Institutional investors and hedge funds own 90.60% of the company’s stock.
Shares of Graco Inc. (NYSE:GGG) opened at 72.12 on Friday. Graco Inc. has a 12-month low of $63.05 and a 12-month high of $86.62. The firm’s 50-day moving average price is $74.06 and its 200-day moving average price is $77.94. The company has a market capitalization of $4.02 billion, a PE ratio of 21.26 and a beta of 1.51.
Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $348.10 million for the quarter, compared to analyst estimates of $352.49 million. Graco had a return on equity of 30.04% and a net margin of 15.01%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 earnings per share. On average, analysts expect that Graco Inc. will post $3.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Thursday, October 13th. Graco’s payout ratio is presently 38.94%.
A number of research firms have recently issued reports on GGG. Zacks Investment Research upgraded Graco from a “sell” rating to a “hold” rating in a research note on Tuesday, September 20th. Deutsche Bank AG began coverage on Graco in a research note on Tuesday, September 6th. They issued a “hold” rating and a $83.00 price target on the stock. Finally, William Blair downgraded Graco from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $89.00 to $78.00 in a research note on Thursday, July 21st. Nine investment analysts have rated the stock with a hold rating, Graco has an average rating of “Hold” and an average price target of $83.75.
In other news, insider Patrick J. Mchale sold 11,500 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $74.19, for a total transaction of $853,185.00. Following the transaction, the insider now directly owns 142,230 shares of the company’s stock, valued at $10,552,043.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.60% of the company’s stock.
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.
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