Assenagon Asset Management S.A. bought a new position in shares of Graco Inc. (NYSE:GGG) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 29,352 shares of the industrial products company’s stock, valued at approximately $1,360,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in Graco by 5.8% in the third quarter. Russell Investments Group Ltd. now owns 1,632,225 shares of the industrial products company’s stock valued at $75,784,000 after purchasing an additional 89,558 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in Graco by 25.5% in the third quarter. Conestoga Capital Advisors LLC now owns 76,581 shares of the industrial products company’s stock valued at $3,549,000 after purchasing an additional 15,565 shares during the last quarter. Alpha Cubed Investments LLC bought a new position in Graco in the third quarter valued at about $313,000. Retirement Systems of Alabama raised its position in Graco by 2.2% in the third quarter. Retirement Systems of Alabama now owns 386,038 shares of the industrial products company’s stock valued at $17,889,000 after purchasing an additional 8,456 shares during the last quarter. Finally, First Merchants Corp raised its position in Graco by 5.0% in the third quarter. First Merchants Corp now owns 42,620 shares of the industrial products company’s stock valued at $1,975,000 after purchasing an additional 2,015 shares during the last quarter. 85.55% of the stock is currently owned by institutional investors.
In other news, Director Jack W. Eugster sold 32,297 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $46.66, for a total transaction of $1,506,978.02. Following the completion of the transaction, the director now directly owns 103,251 shares in the company, valued at $4,817,691.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Caroline M. Chambers sold 97,500 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $47.10, for a total value of $4,592,250.00. Following the transaction, the insider now owns 119,092 shares of the company’s stock, valued at $5,609,233.20. The disclosure for this sale can be found here. 5.10% of the stock is owned by company insiders.
Shares of GGG opened at $43.15 on Friday. Graco Inc. has a 1 year low of $37.36 and a 1 year high of $49.69. The company has a quick ratio of 1.71, a current ratio of 2.77 and a debt-to-equity ratio of 0.33. The stock has a market cap of $7.01 billion, a PE ratio of 30.17, a P/E/G ratio of 2.80 and a beta of 1.17.
Graco (NYSE:GGG) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.04. Graco had a return on equity of 42.19% and a net margin of 18.73%. The company had revenue of $415.94 million during the quarter, compared to the consensus estimate of $403.62 million. On average, research analysts anticipate that Graco Inc. will post 1.88 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 7th. Stockholders of record on Monday, October 22nd were given a dividend of $0.1325 per share. The ex-dividend date was Friday, October 19th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.23%. Graco’s dividend payout ratio (DPR) is 37.06%.
GGG has been the subject of several research reports. Oppenheimer reiterated a “hold” rating on shares of Graco in a research report on Thursday, July 26th. Royal Bank of Canada reiterated a “hold” rating and issued a $49.00 target price on shares of Graco in a research report on Friday, July 27th. DA Davidson set a $49.00 target price on Graco and gave the company a “hold” rating in a research report on Monday, August 20th. Zacks Investment Research downgraded Graco from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Finally, ValuEngine downgraded Graco from a “hold” rating to a “sell” rating in a research report on Wednesday, October 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $48.67.
Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. Its Industrial segment offers proportioning systems that are used to spray polyurethane foam and polyurea coatings; vapor-abrasive blasting equipment; equipment that pumps, meters, mixes, and dispenses sealant, adhesive, and composite materials; and gel coat equipment, chop and wet-out systems, resin transfer molding systems, and applicators.
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