Strs Ohio increased its stake in shares of Graco Inc. (NYSE:GGG) by 146.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,222 shares of the industrial products company’s stock after buying an additional 19,740 shares during the quarter. Strs Ohio’s holdings in Graco were worth $1,594,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of GGG. Twin Tree Management LP acquired a new stake in Graco during the first quarter worth approximately $29,000. WASHINGTON TRUST Co acquired a new stake in Graco during the first quarter worth approximately $39,000. Parallel Advisors LLC grew its position in Graco by 79.1% during the first quarter. Parallel Advisors LLC now owns 1,026 shares of the industrial products company’s stock worth $49,000 after buying an additional 453 shares in the last quarter. Bartlett & Co. LLC acquired a new stake in Graco during the first quarter worth approximately $58,000. Finally, Cerebellum GP LLC acquired a new stake in Graco during the second quarter worth approximately $70,000. 85.25% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Martha A. M. Morfitt sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $47.00, for a total value of $2,115,000.00. Following the completion of the transaction, the director now directly owns 241,869 shares in the company, valued at approximately $11,367,843. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Kevin Gilligan sold 16,800 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $53.73, for a total value of $902,664.00. Following the completion of the transaction, the director now owns 62,901 shares of the company’s stock, valued at $3,379,670.73. The disclosure for this sale can be found here. Insiders sold a total of 293,454 shares of company stock valued at $15,612,820 over the last quarter. 4.12% of the stock is owned by corporate insiders.
GGG has been the topic of a number of analyst reports. Jefferies Financial Group increased their price target on Graco from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, July 27th. DA Davidson cut their target price on Graco from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, April 21st. Robert W. Baird upped their target price on Graco from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Finally, Royal Bank of Canada cut their target price on Graco from $47.00 to $43.00 and set a “sector perform” rating for the company in a research note on Friday, April 24th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $52.60.
NYSE GGG opened at $53.24 on Friday. The business has a fifty day moving average price of $49.67 and a two-hundred day moving average price of $49.28. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.35 and a quick ratio of 2.41. Graco Inc. has a fifty-two week low of $38.43 and a fifty-two week high of $56.99. The stock has a market capitalization of $8.88 billion, a PE ratio of 33.91, a PEG ratio of 4.28 and a beta of 0.57.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 22nd. The industrial products company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.11. Graco had a return on equity of 28.29% and a net margin of 17.42%. The firm had revenue of $366.89 million during the quarter, compared to analysts’ expectations of $326.13 million. As a group, sell-side analysts expect that Graco Inc. will post 1.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Friday, July 17th. Graco’s payout ratio is 36.84%.
Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies division, Industrial Products division and Process division.
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