Engineers Gate Manager LP grew its holdings in shares of Graco Inc. (NYSE:GGG – Free Report) by 94.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,543 shares of the industrial products company’s stock after purchasing an additional 49,678 shares during the quarter. Engineers Gate Manager LP owned approximately 0.06% of Graco worth $7,753,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. Quantbot Technologies LP acquired a new position in shares of Graco during the 2nd quarter worth approximately $16,632,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Graco by 20,706.4% in the fourth 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 in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Graco by 87.7% in the first 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 last quarter. Hsbc Holdings PLC acquired a new stake in shares of Graco in the second quarter valued at approximately $100,157,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Graco by 37.5% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 135,942 shares of the industrial products company’s stock worth $11,507,000 after buying an additional 37,050 shares in the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have weighed in on GGG. Weiss Ratings raised Graco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Royal Bank Of Canada raised their target price on Graco from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. 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 target on shares of Graco in a research report on Monday, July 27th. Finally, Robert W. Baird set a $94.00 price objective on shares of Graco in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Graco has an average rating of “Hold” and an average target price of $95.00.
Graco Stock Down 0.6%
NYSE:GGG opened at $75.95 on Friday. Graco Inc. has a 52 week low of $72.51 and a 52 week high of $95.69. The stock’s fifty day moving average is $78.50 and its two-hundred day moving average is $80.49. The company has a market capitalization of $12.30 billion, a P/E ratio of 23.88, a P/E/G ratio of 2.40 and a beta of 0.92.
Graco (NYSE:GGG – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.10. The business had revenue of $590.55 million during the quarter, compared to analysts’ expectations of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%.The company’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.75 EPS. Sell-side analysts anticipate that Graco Inc. will post 3.19 earnings per share for the current fiscal year.
Graco Company Profile
Graco Inc is a manufacturer of equipment used to manage, measure, control and apply fluids and coatings. Its products include pumps, valves, meters, regulators, dispensing systems, spray equipment and automated lubrication systems used in manufacturing, construction, vehicle service and other industrial applications.
The company serves a range of end markets through businesses focused on contractor equipment, industrial systems and process equipment. Its offerings support applications such as painting and protective coatings, sealant and adhesive dispensing, lubrication, fluid transfer, water and wastewater treatment, and the handling of chemicals and other materials.
Founded in Minneapolis in 1926, Graco traces its origins to equipment developed for dispensing automotive grease.
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