Virginia Retirement Systems ET AL acquired a new stake in Graco Inc. (NYSE:GGG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,800 shares of the industrial products company’s stock, valued at approximately $714,000.
A number of other large investors also recently added to or reduced their stakes in GGG. Meeder Asset Management Inc. raised 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 valued at $185,000 after purchasing an additional 1,396 shares during the period. Cetera Advisor Networks LLC purchased a new position in Graco in the first quarter valued at about $200,000. Northwest Bancshares Inc. purchased a new position in Graco in the first quarter valued at about $202,000. TLP Group LLC purchased a new position in Graco in the first quarter valued at about $206,000. Finally, Hartford Investment Management Co. purchased a new position in Graco in the second quarter valued at about $228,000. 85.83% of the stock is currently owned by institutional investors.
Shares of Graco stock opened at $46.94 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.65 and a quick ratio of 1.64. The stock has a market cap of $7.77 billion, a PE ratio of 32.83, a price-to-earnings-growth ratio of 2.44 and a beta of 1.09. Graco Inc. has a 1-year low of $37.35 and a 1-year high of $49.69.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, July 25th. The industrial products company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.02). The business had revenue of $424.60 million for the quarter, compared to analyst estimates of $421.19 million. Graco had a net margin of 18.07% and a return on equity of 40.67%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.38 earnings per share. analysts predict that Graco Inc. will post 1.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Sunday, July 15th were paid a dividend of $0.1325 per share. The ex-dividend date of this dividend was Thursday, July 12th. This represents a $0.53 annualized dividend and a dividend yield of 1.13%. Graco’s dividend payout ratio is presently 37.06%.
Several research analysts have commented on GGG shares. Zacks Investment Research raised Graco from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research report on Friday, July 6th. DA Davidson set a $49.00 price objective on Graco and gave the company a “hold” rating in a research report on Monday. Royal Bank of Canada reissued a “hold” rating and issued a $49.00 price objective on shares of Graco in a research report on Friday, July 27th. Oppenheimer reissued a “hold” rating on shares of Graco in a research report on Thursday, July 26th. Finally, ValuEngine raised Graco from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Ten investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.17.
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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