Callan Family Office LLC purchased a new stake in shares of Graco Inc. (NYSE:GGG – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 66,473 shares of the industrial products company’s stock, valued at approximately $5,026,000.
A number of other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. increased its stake in shares of Graco by 15.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company’s stock worth $27,592,000 after purchasing an additional 44,573 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Graco by 982.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after buying an additional 452 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Graco by 97.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company’s stock worth $152,000 after buying an additional 870 shares during the period. Marshall Wace LLP increased its stake in Graco by 559.5% in the 2nd quarter. Marshall Wace LLP now owns 108,100 shares of the industrial products company’s stock worth $9,293,000 after buying an additional 91,708 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in Graco by 4.2% in the 2nd quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company’s stock worth $1,830,000 after buying an additional 852 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages have recently commented on GGG. Royal Bank Of Canada boosted their price objective on Graco from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Wolfe Research cut Graco from an “outperform” rating to a “peer perform” rating in a research 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 reissued a “neutral” rating and issued a $85.00 price target on shares of Graco in a report on Monday, July 27th. Finally, Weiss Ratings upgraded Graco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $95.00.
Graco Stock Performance
Shares of NYSE GGG opened at $80.82 on Friday. The company has a market cap of $13.09 billion, a P/E ratio of 25.42, a P/E/G ratio of 2.51 and a beta of 0.92. Graco Inc. has a 52-week low of $72.51 and a 52-week high of $95.69. The firm’s fifty day moving average is $77.79 and its two-hundred day moving average is $82.02.
Graco (NYSE:GGG – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.81 by $0.10. The business had revenue of $590.55 million during the quarter, compared to the consensus estimate of $608.06 million. Graco had a net margin of 23.53% and a return on equity of 19.54%. The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. As a group, analysts forecast that Graco Inc. will post 3.26 EPS for the current fiscal year.
Graco Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Monday, July 20th. Graco’s payout ratio is currently 37.11%.
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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