Royal London Asset Management Ltd. lessened its position in shares of Graco Inc. (NYSE:GGG – Free Report) by 75.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,307 shares of the industrial products company’s stock after selling 59,102 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Graco were worth $1,460,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of GGG. BlackRock Inc. purchased a new position in Graco in the second quarter worth about $1,396,470,000. State Street Corp increased its position in shares of Graco by 3.2% during the 4th quarter. State Street Corp now owns 7,813,877 shares of the industrial products company’s stock valued at $640,503,000 after purchasing an additional 242,817 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Graco by 5.9% during the 4th quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company’s stock valued at $380,642,000 after purchasing an additional 261,126 shares during the last quarter. Morgan Stanley increased its position in shares of Graco by 5.4% during the 4th quarter. Morgan Stanley now owns 4,057,036 shares of the industrial products company’s stock valued at $332,556,000 after purchasing an additional 206,949 shares during the last quarter. Finally, Amundi lifted its stake in shares of Graco by 2.6% in the 3rd quarter. Amundi now owns 2,076,887 shares of the industrial products company’s stock worth $176,016,000 after purchasing an additional 53,126 shares during the period. Institutional investors own 93.88% of the company’s stock.
Wall Street Analysts Forecast Growth
GGG has been the topic of a number of research reports. Robert W. Baird set a $94.00 price objective on shares of Graco in a report on Friday, July 24th. Wolfe Research cut shares of Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Royal Bank Of Canada increased their price target on shares of Graco from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. DA Davidson reiterated a “neutral” rating and set a $85.00 price target on shares of Graco in a research note on Monday, July 27th. Finally, Weiss Ratings raised shares of Graco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Graco has a consensus rating of “Hold” and a consensus target price of $95.00.
Graco Stock Down 0.6%
GGG stock opened at $76.94 on Wednesday. Graco Inc. has a twelve month low of $72.51 and a twelve month high of $95.69. The stock has a market cap of $12.46 billion, a P/E ratio of 24.20, a PEG ratio of 2.43 and a beta of 0.92. The business’s 50-day moving average price is $78.25 and its 200-day moving average price is $81.31.
Graco (NYSE:GGG – Get Free Report) last released 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. Graco had a net margin of 23.53% and a return on equity of 19.54%. The company had revenue of $590.55 million during the quarter, compared to analyst estimates of $608.06 million. During the same period in the prior year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts expect that Graco Inc. will post 3.19 earnings per share for the current fiscal year.
Graco Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders 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 dividend payout ratio is presently 37.11%.
Graco Company 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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