JPMorgan Chase & Co. increased its position in Graco Inc. (NYSE:GGG) by 7.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 288,961 shares of the company’s stock after buying an additional 20,406 shares during the period. JPMorgan Chase & Co. owned 0.52% of Graco worth $22,824,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in GGG. Accredited Investors Inc. boosted its stake in Graco by 3.6% in the first quarter. Accredited Investors Inc. now owns 8,712 shares of the company’s stock worth $731,000 after buying an additional 300 shares during the last quarter. Zebra Capital Management LLC boosted its position in shares of Graco by 22.1% in the first quarter. Zebra Capital Management LLC now owns 18,523 shares of the company’s stock worth $1,555,000 after buying an additional 3,354 shares during the last quarter. Cupps Capital Management LLC acquired a new position in shares of Graco during the first quarter worth approximately $736,000. BlackRock Group LTD boosted its position in shares of Graco by 32.3% in the first quarter. BlackRock Group LTD now owns 47,679 shares of the company’s stock worth $4,003,000 after buying an additional 11,637 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Graco by 21.2% in the first quarter. BlackRock Inc. now owns 24,273 shares of the company’s stock worth $2,038,000 after buying an additional 4,238 shares during the last quarter. 90.60% of the stock is currently owned by institutional investors.
Shares of Graco Inc. (NYSE:GGG) traded down 3.03% during trading on Friday, reaching $73.54. 224,354 shares of the company’s stock traded hands. Graco Inc. has a 1-year low of $63.05 and a 1-year high of $86.62. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 21.67 and a beta of 1.54. The company has a 50 day moving average of $74.04 and a 200-day moving average of $78.54.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 20th. The company reported $0.89 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.11. The business had revenue of $348.10 million for the quarter, compared to analysts’ expectations of $352.49 million. Graco had a net margin of 15.01% and a return on equity of 30.04%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.05 earnings per share. Equities analysts predict that Graco Inc. will post $3.37 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Thursday, October 13th. Graco’s dividend payout ratio (DPR) is currently 38.94%.
A number of equities analysts have recently commented on the stock. Zacks Investment Research raised shares of Graco from a “sell” rating to a “hold” rating in a report on Wednesday, June 22nd. 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 report on Thursday, July 21st. Finally, Deutsche Bank AG assumed coverage on shares of Graco in a report on Tuesday, September 6th. They issued a “hold” rating and a $83.00 target price on the stock. Nine research analysts have rated the stock with a hold rating, Graco has an average rating of “Hold” and an average price target of $83.75.
In other news, insider Patrick J. Mchale sold 11,500 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $74.19, for a total transaction of $853,185.00. Following the completion of the transaction, the insider now directly owns 142,230 shares in the company, valued at approximately $10,552,043.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.60% of the company’s stock.
Graco Company Profile
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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