Synovus Financial Corp Takes Position in Graco Inc. $GGG

Key Points

• Synovus Financial Corp acquired 4,221 shares of Graco Inc., valued at approximately $352,000, marking a new position in the company.
• Graco reported a quarterly earnings per share of $0.75, missing estimates, with a revenue of $571.81 million for the quarter, reflecting a 3.4% year-over-year increase.
• The company recently declared a quarterly dividend of $0.275 per share, resulting in a 1.3% dividend yield, with an annualized total of $1.10.

Synovus Financial Corp bought a new position in Graco Inc. (NYSE:GGG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,221 shares of the industrial products company's stock, valued at approximately $352,000.

Other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. lifted its stake in shares of Graco by 149.5% in the 1st quarter. Bessemer Group Inc. now owns 4,992 shares of the industrial products company's stock worth $416,000 after acquiring an additional 2,991 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Graco by 13.8% during the first quarter. Asset Management One Co. Ltd. now owns 70,117 shares of the industrial products company's stock worth $5,855,000 after buying an additional 8,490 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in Graco during the first quarter worth approximately $2,335,000. Farther Finance Advisors LLC boosted its holdings in Graco by 150.6% during the first quarter. Farther Finance Advisors LLC now owns 7,998 shares of the industrial products company's stock worth $675,000 after buying an additional 4,806 shares in the last quarter. Finally, Novem Group boosted its holdings in Graco by 34.5% during the first quarter. Novem Group now owns 11,900 shares of the industrial products company's stock worth $994,000 after buying an additional 3,052 shares in the last quarter. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Trading Down 1.0%

GGG traded down $0.85 during trading on Tuesday, hitting $84.54. The stock had a trading volume of 184,215 shares, compared to its average volume of 810,437. The firm has a market cap of $14.01 billion, a PE ratio of 29.96, a P/E/G ratio of 2.89 and a beta of 1.03. Graco Inc. has a 12 month low of $72.06 and a 12 month high of $92.86. The company has a 50 day simple moving average of $85.93 and a 200-day simple moving average of $84.21.

Graco (NYSE:GGG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.03). The firm had revenue of $571.81 million during the quarter, compared to the consensus estimate of $590.57 million. Graco had a return on equity of 19.05% and a net margin of 22.26%.The business's revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.77 EPS. As a group, sell-side analysts anticipate that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

Graco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 6th. Stockholders of record on Monday, July 21st were issued a dividend of $0.275 per share. The ex-dividend date was Monday, July 21st. This represents a $1.10 annualized dividend and a dividend yield of 1.3%. Graco's payout ratio is presently 39.01%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GGG shares. Robert W. Baird raised their price objective on shares of Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Wolfe Research assumed coverage on shares of Graco in a research report on Wednesday, June 18th. They issued an "outperform" rating for the company. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.50.

Graco Profile

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.