BlackRock Inc. grew its position in shares of Graco Inc. (NYSE:GGG) by 3.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 15,382,636 shares of the industrial products company’s stock after acquiring an additional 517,850 shares during the quarter. BlackRock Inc. owned approximately 0.09% of Graco worth $771,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan lifted its holdings in shares of Graco by 0.7% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 30,560 shares of the industrial products company’s stock valued at $1,534,000 after buying an additional 220 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Graco by 2.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,869 shares of the industrial products company’s stock valued at $545,000 after buying an additional 296 shares during the period. Stephens Inc. AR lifted its holdings in shares of Graco by 5.0% during the 2nd quarter. Stephens Inc. AR now owns 6,440 shares of the industrial products company’s stock valued at $323,000 after buying an additional 307 shares during the period. Cadinha & Co. LLC lifted its holdings in shares of Graco by 1.2% during the 2nd quarter. Cadinha & Co. LLC now owns 25,379 shares of the industrial products company’s stock valued at $1,274,000 after buying an additional 312 shares during the period. Finally, Wedbush Securities Inc. lifted its holdings in shares of Graco by 3.5% during the 2nd quarter. Wedbush Securities Inc. now owns 9,578 shares of the industrial products company’s stock valued at $481,000 after buying an additional 321 shares during the period. 84.25% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Graco stock opened at $47.07 on Friday. Graco Inc. has a one year low of $38.59 and a one year high of $53.91. The stock’s fifty day moving average is $45.71 and its 200 day moving average is $47.90. The stock has a market cap of $7.80 billion, a P/E ratio of 25.04, a P/E/G ratio of 2.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.68 and a current ratio of 2.69.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $0.45 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.06). Graco had a return on equity of 36.17% and a net margin of 20.29%. The company had revenue of $400.60 million during the quarter, compared to the consensus estimate of $418.93 million. During the same period in the prior year, the business posted $0.50 earnings per share. Graco’s revenue for the quarter was down 3.7% compared to the same quarter last year. Analysts predict that Graco Inc. will post 1.81 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 6th. Investors of record on Monday, October 21st were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.64 dividend on an annualized basis and a yield of 1.36%. Graco’s dividend payout ratio is currently 34.04%.
GGG has been the topic of several research analyst reports. ValuEngine cut Graco from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 4th. Robert W. Baird set a $50.00 target price on Graco and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada set a $46.00 target price on Graco and gave the stock a “hold” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and an average target price of $47.75.
In related news, Director William J. Carroll sold 6,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $46.53, for a total value of $279,180.00. Following the transaction, the director now directly owns 49,984 shares of the company’s stock, valued at approximately $2,325,755.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Caroline M. Chambers sold 20,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $46.39, for a total value of $927,800.00. Following the completion of the transaction, the executive vice president now directly owns 42,497 shares in the company, valued at $1,971,435.83. The disclosure for this sale can be found here. 4.23% of the stock is currently owned by company insiders.
Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies division, Industrial Products division and Process division.
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