Corebridge Financial Inc. Lowers Position 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. trimmed its holdings in Graco Inc. (NYSE:GGG - Free Report) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Comerica Bank lifted its position in shares of Graco by 10.7% in the first quarter. Comerica Bank now owns 126,516 shares of the industrial products company's stock valued at $10,565,000 after acquiring an additional 12,228 shares in the last quarter. Synovus Financial Corp bought a new stake in Graco in the 1st quarter valued at $352,000. Jump Financial LLC increased its holdings in Graco by 2,474.0% in the 1st quarter. Jump Financial LLC now owns 128,702 shares of the industrial products company's stock valued at $10,748,000 after acquiring an additional 123,702 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Graco by 63.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,413 shares of the industrial products company's stock valued at $285,000 after purchasing an additional 1,321 shares in the last quarter. Finally, Maren Capital LLC grew its holdings in shares of Graco by 15.2% in the first quarter. Maren Capital LLC now owns 685,015 shares of the industrial products company's stock valued at $57,206,000 after purchasing an additional 90,302 shares in the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Graco Stock Down 0.9%

Shares of NYSE:GGG traded down $0.80 during midday trading on Friday, reaching $85.31. The company's stock had a trading volume of 578,971 shares, compared to its average volume of 672,850. The firm has a market capitalization of $14.14 billion, a PE ratio of 30.25, a P/E/G ratio of 2.89 and a beta of 1.04. Graco Inc. has a twelve month low of $72.06 and a twelve month high of $92.86. The stock has a fifty day moving average of $85.93 and a 200 day moving average of $84.22.

Graco (NYSE:GGG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $0.75 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). The business had revenue of $571.81 million during the quarter, compared to analyst estimates of $590.57 million. Graco had a return on equity of 19.05% and a net margin of 22.26%.The firm's revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.77 EPS. 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. Shareholders of record on Monday, July 21st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, July 21st. Graco's dividend payout ratio is currently 39.01%.

Wall Street Analysts Forecast Growth

GGG has been the topic of a number of recent analyst reports. Wolfe Research started coverage on shares of Graco in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Robert W. Baird boosted 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. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.