State of Alaska Department of Revenue boosted its position in Graco Inc. (NYSE:GGG) by 53.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,659 shares of the industrial products company’s stock after purchasing an additional 10,288 shares during the period. State of Alaska Department of Revenue’s holdings in Graco were worth $1,365,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of GGG. BlackRock Inc. boosted its position in shares of Graco by 3.5% during the 2nd quarter. BlackRock Inc. now owns 15,382,636 shares of the industrial products company’s stock valued at $771,901,000 after purchasing an additional 517,850 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Graco by 1.5% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,260,481 shares of the industrial products company’s stock valued at $364,332,000 after purchasing an additional 108,152 shares in the last quarter. Atlanta Capital Management Co. L L C boosted its position in shares of Graco by 0.4% during the 2nd quarter. Atlanta Capital Management Co. L L C now owns 3,374,213 shares of the industrial products company’s stock valued at $169,318,000 after purchasing an additional 12,776 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Graco by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,273,805 shares of the industrial products company’s stock valued at $114,099,000 after purchasing an additional 33,036 shares in the last quarter. Finally, WCM Investment Management LLC boosted its position in shares of Graco by 10.1% during the 2nd quarter. WCM Investment Management LLC now owns 1,932,293 shares of the industrial products company’s stock valued at $96,963,000 after purchasing an additional 177,159 shares in the last quarter. 83.99% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently commented on GGG. Robert W. Baird set a $50.00 target price on Graco and gave the company a “hold” rating in a research report on Friday, July 26th. ValuEngine lowered Graco from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. Graco currently has a consensus rating of “Hold” and a consensus price target of $47.20.
Shares of Graco stock opened at $45.27 on Friday. Graco Inc. has a one year low of $37.36 and a one year high of $53.91. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.39. The stock’s 50-day moving average is $45.44 and its 200 day moving average is $48.62. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 2.02 and a beta of 0.97.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, July 24th. The industrial products company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.03). The business had revenue of $428.30 million for the quarter, compared to the consensus estimate of $444.93 million. Graco had a net margin of 20.61% and a return on equity of 39.22%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.48 EPS. On average, sell-side analysts expect that Graco Inc. will post 1.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.64 annualized dividend and a yield of 1.41%. Graco’s payout ratio is currently 34.04%.
In other Graco news, Director William J. Carroll sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $46.53, for a total value of $279,180.00. Following the transaction, the director now owns 49,984 shares in the company, valued at $2,325,755.52. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.23% of the stock is currently owned by corporate insiders.
Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies division, Industrial Products division and Process division.
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