Huntington National Bank maintained its position in Graco Inc. (NYSE:GGG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,118 shares of the company’s stock at the end of the second quarter. Huntington National Bank’s holdings in Graco were worth $225,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in GGG. Norges Bank bought a new position in Graco during the fourth quarter valued at approximately $32,007,000. Alecta Pensionsforsakring Omsesidigt boosted its position in Graco by 23.2% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 905,800 shares of the company’s stock valued at $71,531,000 after buying an additional 170,800 shares during the last quarter. Nicholas Investment Partners LP bought a new position in Graco during the first quarter valued at approximately $6,811,000. Prudential Financial Inc. boosted its position in Graco by 179.5% in the first quarter. Prudential Financial Inc. now owns 96,506 shares of the company’s stock valued at $8,103,000 after buying an additional 61,975 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in Graco during the second quarter valued at approximately $4,737,000. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Shares of Graco Inc. (NYSE:GGG) traded up 1.16% during midday trading on Friday, hitting $74.00. 295,278 shares of the company were exchanged. Graco Inc. has a one year low of $63.05 and a one year high of $86.62. The company has a 50-day moving average of $74.00 and a 200 day moving average of $78.26. The company has a market capitalization of $4.12 billion, a P/E ratio of 21.81 and a beta of 1.54.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $1.00 by $0.11. Graco had a net margin of 15.01% and a return on equity of 30.04%. The firm earned $348.10 million during the quarter, compared to the consensus estimate of $352.49 million. During the same period in the prior year, the business posted $1.05 earnings per share. Graco’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts expect that Graco Inc. will post $3.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be paid a $0.33 dividend. The ex-dividend date is Thursday, October 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.78%. Graco’s dividend payout ratio is presently 38.94%.
GGG has been the subject of several research analyst reports. William Blair cut shares of Graco from an “outperform” rating to a “market perform” rating and cut their target price for the company from $89.00 to $78.00 in a research note on Thursday, July 21st. Deutsche Bank AG initiated coverage on shares of Graco in a research note on Tuesday, September 6th. They set a “hold” rating and a $83.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Graco from a “sell” rating to a “hold” rating in a research note on Wednesday, June 22nd. Nine analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus target price of $83.75.
In related news, insider Patrick J. Mchale sold 11,500 shares of the firm’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $74.19, for a total value of $853,185.00. Following the completion of the transaction, the insider now directly owns 142,230 shares of the company’s stock, valued at $10,552,043.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.60% of the stock is currently owned by corporate insiders.
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.
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