Bank of New York Mellon Corp acquired a new stake in Graco Inc. (NYSE:GGG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,291,164 shares of the industrial products company's stock, valued at approximately $97,625,000. Bank of New York Mellon Corp owned 0.80% of Graco as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in the business. State of Wyoming purchased a new position in Graco in the 2nd quarter valued at approximately $1,095,000. GSA Capital Partners LLP purchased a new stake in shares of Graco during the second quarter worth $900,000. SWS Partners purchased a new stake in shares of Graco during the second quarter worth $2,311,000. Fulton Bank N.A. raised its stake in shares of Graco by 5.0% in the second quarter. Fulton Bank N.A. now owns 5,270 shares of the industrial products company's stock valued at $398,000 after acquiring an additional 249 shares in the last quarter. Finally, Focus Financial Network Inc. boosted its holdings in Graco by 5.2% in the second quarter. Focus Financial Network Inc. now owns 24,204 shares of the industrial products company's stock valued at $1,830,000 after purchasing an additional 1,200 shares during the period. Institutional investors and hedge funds own 93.88% of the company's stock.
Graco Price Performance
Shares of NYSE GGG opened at $80.18 on Tuesday. The business has a 50-day moving average of $77.89 and a two-hundred day moving average of $81.92. The company has a market capitalization of $12.98 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 2.48 and a beta of 0.92. Graco Inc. has a 1 year low of $72.51 and a 1 year high of $95.69.
Graco (NYSE:GGG - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.10. The business had revenue of $590.55 million for the quarter, compared to the consensus estimate of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%.The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.75 EPS. As a group, equities research analysts expect that Graco Inc. will post 3.26 earnings per share for the current year.
Graco Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $0.295 dividend. The ex-dividend date was Monday, July 20th. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. Graco's dividend payout ratio is presently 37.11%.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. DA Davidson reissued a "neutral" rating and set a $85.00 target price on shares of Graco in a research note on Monday, July 27th. Wolfe Research lowered Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Royal Bank Of Canada lifted their price objective on Graco from $92.00 to $96.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Robert W. Baird set a $94.00 price objective on Graco in a research report on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Graco from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $95.00.
Read Our Latest Stock Report on Graco
About Graco
(
Free Report)
Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco's solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.
The company's product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.
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