WealthPlan Investment Management LLC decreased its stake in shares of Graco Inc. (NYSE:GGG – Free Report) by 30.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 24,992 shares of the industrial products company’s stock after selling 11,180 shares during the quarter. WealthPlan Investment Management LLC’s holdings in Graco were worth $1,920,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Graco during the second quarter valued at $1,396,470,000. Caisse de depot et placement du Quebec bought a new position in shares of Graco in the 2nd quarter worth about $141,667,000. Hsbc Holdings PLC bought a new position in shares of Graco in the 2nd quarter worth about $100,157,000. Bank of New York Mellon Corp bought a new position in shares of Graco in the 2nd quarter worth about $97,625,000. Finally, Port Capital LLC acquired a new position in shares of Graco in the 2nd quarter valued at about $66,974,000. 93.88% of the stock is owned by institutional investors.
Graco Stock Performance
Shares of Graco stock traded up $0.98 during trading on Thursday, hitting $81.46. 474,724 shares of the stock were exchanged, compared to its average volume of 1,412,023. Graco Inc. has a 12 month low of $72.51 and a 12 month high of $95.69. The stock’s fifty day moving average is $78.95 and its 200 day moving average is $78.62. The stock has a market cap of $13.19 billion, a PE ratio of 25.62, a P/E/G ratio of 2.48 and a beta of 0.89.
Graco Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 4th. Stockholders of record on Monday, October 19th will be issued a dividend of $0.2950 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, October 19th. Graco’s dividend payout ratio (DPR) is 37.11%.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on GGG. Royal Bank Of Canada lowered their price objective on shares of Graco from $96.00 to $95.00 and set an “outperform” rating for the company in a research report on Wednesday. Wolfe Research cut shares of Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Robert W. Baird set a $94.00 target price on Graco in a research note on Friday, July 24th. DA Davidson restated a “neutral” rating and issued a $85.00 target price on shares of Graco in a research note on Monday, July 27th. Finally, Weiss Ratings raised Graco from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Graco currently has an average rating of “Hold” and a consensus price target of $94.75.
Check Out Our Latest Stock Report on GGG
About Graco
Graco Inc is a Minneapolis-based manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products are used in industrial, commercial and residential applications, including fluid handling, lubrication, dispensing, sealing, bonding, painting and corrosion protection.
The company’s product portfolio includes pumps, valves, meters, regulators, controls, proportioning systems and spray equipment. Graco also supplies equipment for paint and texture application, protective coatings, sealants and adhesives, vehicle servicing, and the automated lubrication of machinery.
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