Russell Investments Group Ltd. trimmed its position in Graco Inc. (NYSE:GGG) by 26.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,542,667 shares of the industrial products company’s stock after selling 545,512 shares during the period. Russell Investments Group Ltd. owned approximately 0.92% of Graco worth $69,515,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in Graco by 51.9% in the second quarter. Meeder Asset Management Inc. now owns 4,086 shares of the industrial products company’s stock worth $185,000 after purchasing an additional 1,396 shares during the period. Cetera Advisor Networks LLC acquired a new stake in Graco in the first quarter worth approximately $200,000. Northwest Bancshares Inc. acquired a new stake in Graco in the first quarter worth approximately $202,000. TLP Group LLC acquired a new stake in Graco in the first quarter worth approximately $206,000. Finally, Hartford Investment Management Co. acquired a new stake in Graco in the second quarter worth approximately $228,000. Hedge funds and other institutional investors own 86.23% of the company’s stock.
A number of equities research analysts have weighed in on GGG shares. Zacks Investment Research downgraded Graco from a “buy” rating to a “hold” rating in a research report on Thursday, April 26th. ValuEngine upgraded Graco from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Oppenheimer restated a “hold” rating on shares of Graco in a research report on Thursday, July 26th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $49.00 target price on shares of Graco in a research report on Friday, July 27th. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Graco presently has a consensus rating of “Hold” and a consensus target price of $49.04.
In other Graco news, VP Jeffrey P. Johnson sold 90,000 shares of the company’s stock in a transaction on Monday, May 21st. The stock was sold at an average price of $47.06, for a total value of $4,235,400.00. Following the transaction, the vice president now owns 48,971 shares of the company’s stock, valued at $2,304,575.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.10% of the stock is currently owned by corporate insiders.
NYSE GGG opened at $46.48 on Friday. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 32.50, a P/E/G ratio of 2.45 and a beta of 1.09. Graco Inc. has a 1 year low of $37.33 and a 1 year high of $49.69. The company has a current ratio of 2.65, a quick ratio of 1.64 and a debt-to-equity ratio of 0.42.
Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, July 25th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.02). The company had revenue of $424.60 million during the quarter, compared to the consensus estimate of $421.19 million. Graco had a net margin of 18.07% and a return on equity of 40.67%. Graco’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.38 EPS. analysts anticipate that Graco Inc. will post 1.84 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Sunday, July 15th were issued a $0.1325 dividend. The ex-dividend date was Thursday, July 12th. This represents a $0.53 annualized dividend and a dividend yield of 1.14%. Graco’s dividend payout ratio is currently 37.06%.
Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. Its Industrial segment offers proportioning systems that are used to spray polyurethane foam and polyurea coatings; vapor-abrasive blasting equipment; equipment that pumps, meters, mixes, and dispenses sealant, adhesive, and composite materials; and gel coat equipment, chop and wet-out systems, resin transfer molding systems, and applicators.
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