Graco (NYSE:GGG) Price Target Raised to $105.00

Graco (NYSE:GGG) had its price objective upped by Jefferies Financial Group from $100.00 to $105.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other research analysts also recently commented on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Graco in a report on Tuesday. Royal Bank Of Canada upped their price objective on Graco from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Graco in a report on Thursday, January 22nd. Finally, Robert W. Baird set a $96.00 target price on Graco in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.33.

Graco Stock Performance

GGG stock opened at $87.25 on Wednesday. The firm has a fifty day moving average price of $84.24 and a 200 day moving average price of $83.97. Graco has a fifty-two week low of $72.06 and a fifty-two week high of $89.67. The firm has a market cap of $14.47 billion, a PE ratio of 28.24, a price-to-earnings-growth ratio of 2.76 and a beta of 1.09.

Graco (NYSE:GGG) last released its quarterly earnings data on Monday, January 26th. The industrial products company reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. Graco had a net margin of 23.33% and a return on equity of 19.49%. The business had revenue of $593.16 million during the quarter, compared to analyst estimates of $591.99 million. During the same quarter last year, the business earned $0.64 earnings per share. Graco’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, equities analysts predict that Graco will post 3.06 EPS for the current year.

Graco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 4th. Stockholders of record on Monday, January 19th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. This is a positive change from Graco’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, January 16th. Graco’s dividend payout ratio is 38.19%.

Graco announced that its board has authorized a stock repurchase program on Friday, December 5th that allows the company to buyback 15,000,000 shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GGG. Norges Bank purchased a new stake in shares of Graco in the second quarter valued at approximately $170,661,000. Caisse de depot et placement du Quebec increased its holdings in Graco by 236.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,279,553 shares of the industrial products company’s stock worth $108,711,000 after purchasing an additional 899,174 shares during the period. AQR Capital Management LLC raised its position in Graco by 116.8% during the 2nd quarter. AQR Capital Management LLC now owns 735,146 shares of the industrial products company’s stock valued at $63,201,000 after purchasing an additional 396,125 shares in the last quarter. Schroder Investment Management Group lifted its holdings in shares of Graco by 877.5% in the 3rd quarter. Schroder Investment Management Group now owns 334,947 shares of the industrial products company’s stock worth $28,300,000 after buying an additional 300,682 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of Graco by 299.6% during the 4th quarter. Nordea Investment Management AB now owns 342,247 shares of the industrial products company’s stock worth $28,263,000 after buying an additional 256,593 shares in the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

About Graco

Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco’s solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.

The company’s product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.