NewEdge Wealth LLC bought a new stake in shares of Graco Inc. (NYSE:GGG – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,577 shares of the industrial products company’s stock, valued at approximately $2,009,000.
Other hedge funds also recently added to or reduced their stakes in the company. Comerica Bank lifted its holdings in Graco by 54.1% in the fourth quarter. Comerica Bank now owns 172,328 shares of the industrial products company’s stock valued at $14,126,000 after acquiring an additional 60,486 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Graco by 20,706.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock worth $45,605,000 after purchasing an additional 553,688 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Graco by 294.4% during the 4th quarter. Teacher Retirement System of Texas now owns 297,787 shares of the industrial products company’s stock valued at $24,410,000 after purchasing an additional 222,279 shares in the last quarter. Oxbow Advisors LLC purchased a new position in shares of Graco during the 4th quarter valued at approximately $3,157,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Graco by 87.7% in the 1st quarter. Renaissance Technologies LLC now owns 721,700 shares of the industrial products company’s stock valued at $61,092,000 after purchasing an additional 337,300 shares during the period. 93.88% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
GGG has been the topic of a number of recent analyst reports. DA Davidson reissued a “neutral” rating and set a $85.00 price target on shares of Graco in a report on Monday, July 27th. Wolfe Research downgraded shares of Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. Royal Bank Of Canada increased their target price on shares of Graco from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings upgraded Graco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Finally, Robert W. Baird set a $94.00 price target on Graco in a research note on Friday, July 24th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.00.
Graco Stock Performance
Graco stock opened at $81.77 on Friday. The company’s fifty day moving average price is $77.66 and its 200 day moving average price is $82.03. Graco Inc. has a 1 year low of $72.51 and a 1 year high of $95.69. The stock has a market capitalization of $13.24 billion, a P/E ratio of 25.71, a P/E/G ratio of 2.54 and a beta of 0.92.
Graco (NYSE:GGG – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.81 by $0.10. The company had revenue of $590.55 million during the quarter, compared to analyst estimates of $608.06 million. Graco had a net margin of 23.53% and a return on equity of 19.54%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 EPS. Sell-side analysts predict that Graco Inc. will post 3.26 EPS for the current year.
Graco Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, July 20th. Graco’s dividend payout ratio is 37.11%.
Graco Profile
Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco’s solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.
The company’s product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.
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