Canada Pension Plan Investment Board purchased a new position in Graco Inc. (NYSE:GGG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 86,500 shares of the industrial products company's stock, valued at approximately $6,540,000. Canada Pension Plan Investment Board owned approximately 0.05% of Graco as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Graco during the second quarter valued at approximately $1,396,470,000. State Street Corp lifted its holdings in shares of Graco by 3.2% in the 4th quarter. State Street Corp now owns 7,813,877 shares of the industrial products company's stock worth $640,503,000 after purchasing an additional 242,817 shares in the last quarter. Geode Capital Management LLC grew its position in Graco by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company's stock valued at $380,642,000 after purchasing an additional 261,126 shares during the period. Morgan Stanley grew its position in Graco by 5.4% in the 4th quarter. Morgan Stanley now owns 4,057,036 shares of the industrial products company's stock valued at $332,556,000 after purchasing an additional 206,949 shares during the period. Finally, Amundi increased its stake in Graco by 2.6% during the 3rd quarter. Amundi now owns 2,076,887 shares of the industrial products company's stock valued at $176,016,000 after purchasing an additional 53,126 shares in the last quarter. Institutional investors and hedge funds own 93.88% of the company's stock.
Graco Trading Down 0.6%
Shares of Graco stock opened at $79.14 on Friday. The company has a market capitalization of $12.82 billion, a P/E ratio of 24.89, a price-to-earnings-growth ratio of 2.44 and a beta of 0.92. The stock has a fifty day simple moving average of $78.16 and a 200 day simple moving average of $81.62. Graco Inc. has a 12-month low of $72.51 and a 12-month high of $95.69.
Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.10. Graco had a return on equity of 19.54% and a net margin of 23.53%.The business had revenue of $590.55 million for the quarter, compared to analysts' expectations of $608.06 million. During the same period last year, the business earned $0.75 EPS. The business's revenue was up 3.3% on a year-over-year basis. On average, analysts predict that Graco Inc. will post 3.19 EPS for the current year.
Graco Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, July 20th. Graco's dividend payout ratio (DPR) is presently 37.11%.
Analyst Ratings Changes
GGG has been the topic of several research reports. Robert W. Baird set a $94.00 price objective on shares of Graco in a report on Friday, July 24th. Royal Bank Of Canada lifted their price objective on shares of Graco from $92.00 to $96.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Weiss Ratings raised shares of Graco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 4th. DA Davidson restated a "neutral" rating and issued a $85.00 target price on shares of Graco in a report on Monday, July 27th. Finally, Wolfe Research cut shares of Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $95.00.
View Our Latest Stock Report on Graco
Graco Profile
(
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.
See Also
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