Corebridge Financial Inc. Cuts Stock Holdings in Graco Inc. $GGG

Key Points

• Corebridge Financial Inc. reduced its stake in Graco Inc. by 2.4%, selling 4,557 shares and holding approximately 186,491 shares worth $15.57 million at the end of the first quarter.
• Graco reported a $0.75 EPS, missing estimates of $0.78, with quarterly revenue of $571.81 million compared to a forecast of $590.57 million.
• The company announced a quarterly dividend of $0.275, resulting in an annualized yield of 1.3% and a payout ratio of 39.01%.

Corebridge Financial Inc. decreased its stake in shares of Graco Inc. (NYSE:GGG - Free Report) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 186,491 shares of the industrial products company's stock after selling 4,557 shares during the period. Corebridge Financial Inc. owned about 0.11% of Graco worth $15,574,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bessemer Group Inc. lifted its holdings in shares of Graco by 149.5% during the 1st quarter. Bessemer Group Inc. now owns 4,992 shares of the industrial products company's stock valued at $416,000 after buying an additional 2,991 shares during the period. Asset Management One Co. Ltd. grew its holdings in shares of Graco by 13.8% in 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 acquiring an additional 8,490 shares during the period. Sequoia Financial Advisors LLC bought a new stake in shares of Graco in the first quarter worth $2,335,000. Farther Finance Advisors LLC grew its holdings in shares of Graco by 150.6% in the first quarter. Farther Finance Advisors LLC now owns 7,998 shares of the industrial products company's stock worth $675,000 after acquiring an additional 4,806 shares during the period. Finally, Novem Group grew its holdings in shares of Graco by 34.5% in the first quarter. Novem Group now owns 11,900 shares of the industrial products company's stock worth $994,000 after acquiring an additional 3,052 shares during the period. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Stock Performance

Shares of NYSE GGG traded down $0.80 during midday trading on Friday, reaching $85.31. The stock had a trading volume of 578,971 shares, compared to its average volume of 814,293. The stock has a 50-day moving average of $85.90 and a 200-day moving average of $84.23. The company has a market capitalization of $14.14 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 2.94 and a beta of 1.04. Graco Inc. has a 12-month low of $72.06 and a 12-month high of $92.86.

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

Graco Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Robert W. Baird lifted their price objective on Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Wolfe Research assumed coverage on Graco in a 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 company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.50.

About Graco

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.