Victory Capital Management Inc. raised its position in shares of Graco Inc. (NYSE:GGG) by 5.6% during the second quarter, Holdings Channel reports. The firm owned 10,107 shares of the company’s stock after buying an additional 535 shares during the period. Victory Capital Management Inc.’s holdings in Graco were worth $798,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Creative Planning increased its stake in shares of Graco by 13.9% in the second quarter. Creative Planning now owns 1,354 shares of the company’s stock worth $107,000 after buying an additional 165 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Graco by 0.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,584 shares of the company’s stock worth $135,000 after buying an additional 12 shares during the period. Princeton Alpha Management LP acquired a new stake in shares of Graco during the second quarter worth about $204,000. Park National Corp OH increased its stake in shares of Graco by 0.4% in the second quarter. Park National Corp OH now owns 2,733 shares of the company’s stock worth $216,000 after buying an additional 11 shares during the period. Finally, Raymond James Trust N.A. increased its stake in shares of Graco by 7.5% in the first quarter. Raymond James Trust N.A. now owns 3,061 shares of the company’s stock worth $257,000 after buying an additional 214 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Graco Inc. (NYSE:GGG) opened at 73.54 on Friday. The stock has a market capitalization of $4.09 billion, a PE ratio of 21.67 and a beta of 1.54. The firm has a 50-day moving average price of $74.04 and a 200-day moving average price of $78.54. Graco Inc. has a 52 week low of $63.05 and a 52 week high of $86.62.
Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.11. The company earned $348.10 million during the quarter, compared to analysts’ expectations of $352.49 million. Graco had a return on equity of 30.04% and a net margin of 15.01%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.05 EPS. Equities research analysts predict that Graco Inc. will post $3.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, October 13th. Graco’s payout ratio is 38.94%.
A number of brokerages have recently issued reports on GGG. Zacks Investment Research downgraded Graco from a “hold” rating to a “sell” rating in a research report on Tuesday, June 14th. William Blair cut Graco from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $89.00 to $78.00 in a report on Thursday, July 21st. Finally, Deutsche Bank AG started coverage on Graco in a report on Tuesday, September 6th. They set a “hold” rating and a $83.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus price target of $83.75.
In other news, insider Patrick J. Mchale sold 11,500 shares of the company’s stock in a transaction dated Thursday, September 8th. The stock was 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 owns 142,230 shares of the company’s stock, valued at $10,552,043.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.60% of the stock is owned by company 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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