Graco Inc. $GGG Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Graco Inc. (NYSE:GGG) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,430,727 shares of the industrial products company’s stock after selling 46,117 shares during the quarter. Bank of New York Mellon Corp owned about 0.86% of Graco worth $121,555,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Capital Wealth Alliance LLC acquired a new stake in Graco in the third quarter worth $478,000. Truist Financial Corp boosted its holdings in shares of Graco by 7.8% during the third quarter. Truist Financial Corp now owns 9,039 shares of the industrial products company’s stock valued at $768,000 after acquiring an additional 654 shares during the period. Aspire Growth Partners LLC grew its position in shares of Graco by 66.1% during the third quarter. Aspire Growth Partners LLC now owns 5,050 shares of the industrial products company’s stock worth $429,000 after acquiring an additional 2,010 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in Graco by 15.8% in the 3rd quarter. Mutual of America Capital Management LLC now owns 108,502 shares of the industrial products company’s stock valued at $9,218,000 after purchasing an additional 14,808 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in Graco by 0.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 94,108 shares of the industrial products company’s stock valued at $7,977,000 after purchasing an additional 396 shares during the period. Institutional investors and hedge funds own 93.88% of the company’s stock.

Graco Stock Performance

Shares of NYSE GGG opened at $87.25 on Friday. Graco Inc. has a 1 year low of $72.06 and a 1 year high of $89.67. The firm has a market cap of $14.47 billion, a P/E ratio of 28.24, a PEG ratio of 2.76 and a beta of 1.09. The stock has a fifty day moving average price of $84.24 and a two-hundred day moving average price of $83.95.

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

Graco Increases Dividend

The firm also recently disclosed 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 is a positive change from Graco’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, January 16th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. Graco’s payout ratio is 38.19%.

Graco announced that its Board of Directors has authorized a share buyback 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 a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have commented on GGG shares. Jefferies Financial Group raised their price target on shares of Graco from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday. Weiss Ratings restated a “hold (c+)” rating on shares of Graco in a research report on Thursday, January 22nd. Robert W. Baird set a $96.00 target price on Graco in a research note on Wednesday. Royal Bank Of Canada increased their price target on Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, KeyCorp restated a “sector weight” rating on shares of Graco in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.33.

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.