Insider Selling: Graco Inc. (GGG) Director Sells 757 Shares of Stock
Graco Inc. (NYSE:GGG) Director Eric Etchart sold 757 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $119.20, for a total transaction of $90,234.40. Following the transaction, the director now owns 12,464 shares in the company, valued at approximately $1,485,708.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Graco Inc. (NYSE GGG) traded up 1.20% during midday trading on Friday, hitting $119.91. 556,047 shares of the stock traded hands. Graco Inc. has a 12-month low of $69.33 and a 12-month high of $121.40. The company’s 50-day moving average is $114.57 and its 200 day moving average is $106.34. The firm has a market cap of $6.71 billion, a P/E ratio of 76.09 and a beta of 1.24.
Graco (NYSE:GGG) last issued its earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.32. The firm had revenue of $379.50 million for the quarter, compared to analysts’ expectations of $369.36 million. Graco had a net margin of 6.50% and a return on equity of 40.21%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 earnings per share. On average, analysts anticipate that Graco Inc. will post $4.53 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Graco by 13,639.9% during the first quarter. BlackRock Inc. now owns 4,370,674 shares of the industrial products company’s stock worth $411,455,000 after acquiring an additional 4,338,864 shares during the last quarter. Koch Industries Inc. purchased a new position in Graco in the 2nd quarter valued at $582,000. Vanguard Group Inc. grew its position in Graco by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 4,886,860 shares of the industrial products company’s stock valued at $460,049,000 after buying an additional 309,685 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Graco in the 2nd quarter valued at $33,167,000. Finally, Bank of New York Mellon Corp grew its position in Graco by 36.5% in the 1st quarter. Bank of New York Mellon Corp now owns 940,408 shares of the industrial products company’s stock valued at $88,531,000 after buying an additional 251,447 shares during the last quarter. Institutional investors own 86.85% of the company’s stock.
Several research analysts have weighed in on the stock. Royal Bank Of Canada reiterated a “hold” rating and issued a $104.00 price target on shares of Graco in a research report on Monday, June 5th. Deutsche Bank AG reissued a “hold” rating and issued a $110.00 price objective (up from $105.00) on shares of Graco in a research note on Monday, June 5th. BidaskClub cut shares of Graco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Zacks Investment Research cut shares of Graco from a “buy” rating to a “hold” rating in a research note on Monday, July 10th. Finally, Wolfe Research initiated coverage on shares of Graco in a research note on Tuesday, July 11th. They set an “underperform” rating and a $100.00 target price for the company. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Graco has a consensus rating of “Hold” and a consensus target price of $106.20.
Graco Company Profile
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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