Bank of New York Mellon Corp Trims Holdings in Graco Inc. $GGG

Bank of New York Mellon Corp lowered its position in Graco Inc. (NYSE:GGG) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,389,908 shares of the industrial products company’s stock after selling 12,826 shares during the period. Bank of New York Mellon Corp’s holdings in Graco were worth $117,656,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC increased its holdings in shares of Graco by 2,650.0% in the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company’s stock worth $28,000 after buying an additional 318 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Graco by 982.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 452 shares during the last quarter. Field & Main Bank bought a new position in shares of Graco during the 4th quarter valued at approximately $41,000. Root Financial Partners LLC raised its holdings in Graco by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company’s stock valued at $43,000 after buying an additional 152 shares during the period. Finally, Matrix Trust Co lifted its position in Graco by 43.0% in the fourth quarter. Matrix Trust Co now owns 555 shares of the industrial products company’s stock worth $45,000 after buying an additional 167 shares during the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GGG shares. Weiss Ratings lowered Graco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Robert W. Baird lowered their price objective on shares of Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. DA Davidson reaffirmed a “neutral” rating and set a $85.00 price target on shares of Graco in a research note on Monday, April 27th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $92.00 target price (down from $95.00) on shares of Graco in a research report on Thursday. Finally, Wolfe Research downgraded shares of Graco from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $93.50.

Insider Activity at Graco

In other news, Director Andrea Helen Simon purchased 1,240 shares of the business’s stock in a transaction on Monday, April 27th. The shares were bought at an average price of $80.53 per share, with a total value of $99,857.20. Following the completion of the transaction, the director directly owned 1,240 shares in the company, valued at approximately $99,857.20. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.18% of the stock is owned by company insiders.

Graco Price Performance

Graco stock opened at $73.59 on Tuesday. The business has a fifty day moving average price of $75.10 and a 200-day moving average price of $82.83. Graco Inc. has a 1-year low of $72.51 and a 1-year high of $95.69. The stock has a market capitalization of $12.21 billion, a price-to-earnings ratio of 23.97, a PEG ratio of 2.40 and a beta of 0.93.

Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09). Graco had a return on equity of 18.66% and a net margin of 22.96%.The business had revenue of $540.14 million for the quarter, compared to analysts’ expectations of $561.35 million. During the same quarter in the previous year, the firm posted $0.70 EPS. Graco’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts anticipate that Graco Inc. will post 3.1 earnings per share for the current fiscal year.

Graco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be issued a $0.295 dividend. The ex-dividend date is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. Graco’s dividend payout ratio is presently 38.44%.

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.