Graco (NYSE:GGG – Get Free Report) had its price target boosted by equities researchers at Royal Bank Of Canada from $92.00 to $96.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 20.58% from the stock’s previous close.
GGG has been the subject of several other research reports. Wolfe Research cut shares of Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. DA Davidson reissued a “neutral” rating and set a $85.00 price objective on shares of Graco in a report on Monday, April 27th. Weiss Ratings downgraded shares of Graco from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Finally, Robert W. Baird set a $94.00 target price on Graco in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $95.00.
Check Out Our Latest Report on Graco
Graco Stock Up 2.4%
Graco (NYSE:GGG – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.10. The company had revenue of $590.55 million for the quarter, compared to analysts’ expectations of $608.06 million. Graco had a net margin of 23.53% and a return on equity of 19.27%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.75 EPS. Equities research analysts expect that Graco will post 3.1 EPS for the current year.
Insider Buying and Selling at Graco
In other Graco news, Director Andrea Helen Simon acquired 1,240 shares of the stock in a transaction dated Monday, April 27th. The stock was purchased at an average price of $80.53 per share, with a total value of $99,857.20. Following the transaction, the director directly owned 1,240 shares of the company’s stock, valued at $99,857.20. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.18% of the stock is owned by insiders.
Institutional Investors Weigh In On Graco
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GGG. Norges Bank acquired a new stake in Graco in the fourth quarter worth about $161,949,000. Bank of Montreal Can grew its stake in shares of Graco by 1,636.9% during the fourth quarter. Bank of Montreal Can now owns 1,011,196 shares of the industrial products company’s stock worth $82,888,000 after acquiring an additional 952,977 shares during the last quarter. Caisse de depot et placement du Quebec increased its holdings in shares of Graco by 236.4% during the third quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company’s stock valued at $108,711,000 after acquiring an additional 899,174 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Graco by 20,706.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock valued at $45,605,000 after purchasing an additional 553,688 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Graco by 80.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 954,347 shares of the industrial products company’s stock valued at $80,785,000 after purchasing an additional 426,001 shares during the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.
About Graco
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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