Allstate Corp Boosts Holdings in Graco Inc. $GGG

Key Points

• Allstate Corp increased its stake in Graco Inc. by 279.2%, acquiring an additional 13,591 shares, bringing its total holdings to 18,458 shares valued at $1,541,000 as of the latest SEC filing.
• Graco reported a quarterly EPS of $0.75, missing the consensus estimate of $0.78, while its revenue was $571.81 million, also below expectations of $590.57 million, despite a year-over-year revenue increase of 3.4%.
• Recent analyst ratings suggest a moderate buy for Graco shares, with a consensus target price of $94.50, while Robert W. Baird has adjusted their target price from $88.00 to $91.00.

Allstate Corp grew its holdings in Graco Inc. (NYSE:GGG - Free Report) by 279.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,458 shares of the industrial products company's stock after buying an additional 13,591 shares during the quarter. Allstate Corp's holdings in Graco were worth $1,541,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Kestra Private Wealth Services LLC boosted its position in Graco by 2.7% during the first quarter. Kestra Private Wealth Services LLC now owns 6,347 shares of the industrial products company's stock worth $530,000 after purchasing an additional 169 shares during the period. Values First Advisors Inc. boosted its position in shares of Graco by 0.8% in the first quarter. Values First Advisors Inc. now owns 23,084 shares of the industrial products company's stock valued at $1,927,000 after acquiring an additional 180 shares during the period. Optas LLC boosted its position in shares of Graco by 6.0% in the first quarter. Optas LLC now owns 3,560 shares of the industrial products company's stock valued at $297,000 after acquiring an additional 200 shares during the period. Resonant Capital Advisors LLC boosted its position in shares of Graco by 5.5% in the first quarter. Resonant Capital Advisors LLC now owns 3,843 shares of the industrial products company's stock valued at $321,000 after acquiring an additional 202 shares during the period. Finally, Trail Ridge Investment Advisors LLC boosted its position in shares of Graco by 3.9% in the first quarter. Trail Ridge Investment Advisors LLC now owns 5,654 shares of the industrial products company's stock valued at $472,000 after acquiring an additional 210 shares during the period. Institutional investors and hedge funds own 93.88% of the company's stock.

Analyst Upgrades and Downgrades

GGG has been the subject of a number of recent research reports. Robert W. Baird boosted their target price on shares of Graco from $88.00 to $91.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Wolfe Research initiated coverage on shares of Graco in a research report on Wednesday, June 18th. They issued an "outperform" rating for the company. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.50.

Graco Stock Performance

Shares of Graco stock traded down $0.49 on Friday, hitting $85.62. The stock had a trading volume of 97,521 shares, compared to its average volume of 811,333. The stock has a 50 day moving average of $85.90 and a 200 day moving average of $84.23. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $92.86. The firm has a market capitalization of $14.19 billion, a P/E ratio of 30.35, a PEG ratio of 2.94 and a beta of 1.04.

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). Graco had a net margin of 22.26% and a return on equity of 19.05%. The company had revenue of $571.81 million during the quarter, compared to the consensus estimate of $590.57 million. During the same quarter in the previous year, the company earned $0.77 earnings per share. The business's revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Graco Inc. will post 3.06 earnings per share for the current year.

Graco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 6th. Investors of record on Monday, July 21st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, July 21st. Graco's dividend payout ratio (DPR) is currently 39.01%.

Graco Company 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.