Graco Inc. (GGG) Upgraded at Zacks Investment Research
Graco Inc. (NYSE:GGG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial settings. Based in Minneapolis, Minnesota, Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. It designs, manu-factures and markets systems and equipment to move, measure, control, dispense and apply fluid materials. The Company helps customers solve difficult manufacturing problems, increase productivity, improve quality, conserve energy, and save expensive materials. “
Other research analysts also recently issued reports about the stock. KeyCorp assumed coverage on shares of Graco in a research report on Wednesday, May 25th. They issued a “sector weight” rating on the stock. Deutsche Bank AG assumed coverage on shares of Graco in a research report on Tuesday, September 6th. They set a “hold” rating and a $83.00 price objective on the stock. Finally, William Blair downgraded shares of Graco from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $89.00 to $78.00 in a research report on Thursday, July 21st. Nine equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average target price of $83.75.
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Graco (NYSE:GGG) traded down 1.01% during midday trading on Tuesday, reaching $73.16. 200,012 shares of the company were exchanged. Graco has a one year low of $63.05 and a one year high of $86.62. The firm has a market cap of $4.07 billion, a P/E ratio of 21.56 and a beta of 1.54. The firm’s 50-day moving average is $73.94 and its 200-day moving average is $78.66.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $1.00 by $0.11. The firm earned $348.10 million during the quarter, compared to analysts’ expectations of $352.49 million. Graco had a return on equity of 30.04% and a net margin of 15.01%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $1.05 earnings per share. On average, equities analysts expect that Graco will post $3.37 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Thursday, October 13th. Graco’s dividend payout ratio (DPR) is presently 38.94%.
In other Graco news, insider Patrick J. Mchale sold 11,500 shares of Graco stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $74.19, for a total value of $853,185.00. Following the completion of the sale, the insider now directly owns 142,230 shares in the company, valued at $10,552,043.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of GGG. Norges Bank acquired a new stake in Graco during the fourth quarter worth about $32,007,000. CrestPoint Capital Management LLC purchased a new stake in shares of Graco during the first quarter worth $294,000. GW&K Investment Management LLC boosted its stake in shares of Graco by 87.3% in the first quarter. GW&K Investment Management LLC now owns 46,952 shares of the company’s stock worth $3,942,000 after buying an additional 21,886 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Graco by 7.5% in the first quarter. Raymond James Trust N.A. now owns 3,061 shares of the company’s stock worth $257,000 after buying an additional 214 shares during the last quarter. Finally, OLD National Bancorp IN boosted its stake in shares of Graco by 16.9% in the first quarter. OLD National Bancorp IN now owns 8,052 shares of the company’s stock worth $676,000 after buying an additional 1,166 shares during the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Graco Company Profile
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.
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