Graco Inc. $GGG Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. trimmed its holdings in shares of Graco Inc. (NYSE:GGG - Free Report) by 38.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,500 shares of the industrial products company's stock after selling 22,133 shares during the quarter. Addenda Capital Inc.'s holdings in Graco were worth $2,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Graco during the second quarter valued at $1,396,470,000. State Street Corp grew its stake in Graco by 3.2% during the 4th quarter. State Street Corp now owns 7,813,877 shares of the industrial products company's stock valued at $640,503,000 after purchasing an additional 242,817 shares during the last quarter. Geode Capital Management LLC grew its stake in Graco by 5.9% during 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 last quarter. Morgan Stanley increased its holdings in shares of Graco by 5.4% in the fourth 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 raised its stake in shares of Graco by 2.6% in the third quarter. Amundi now owns 2,076,887 shares of the industrial products company's stock worth $176,016,000 after purchasing an additional 53,126 shares during the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on GGG. Royal Bank Of Canada upped their target price on Graco from $92.00 to $96.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Robert W. Baird set a $94.00 price objective on shares of Graco in a research note on Friday, July 24th. Wolfe Research downgraded shares of Graco from an "outperform" rating to a "peer perform" rating in a report on Thursday, July 9th. DA Davidson restated a "neutral" rating and set a $85.00 target price on shares of Graco in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded Graco from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $95.00.

Graco Stock Performance

GGG stock opened at $79.14 on Monday. Graco Inc. has a one year low of $72.51 and a one year high of $95.69. The firm's fifty day moving average is $78.16 and its 200 day moving average is $81.55. The firm has a market cap of $12.82 billion, a PE ratio of 24.89, a P/E/G ratio of 2.49 and a beta of 0.92.

Graco (NYSE:GGG - Get Free Report) last posted its earnings results 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 firm had revenue of $590.55 million for the quarter, compared to analysts' expectations of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%.The company's quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS. Research analysts predict that Graco Inc. will post 3.19 earnings per share for the current fiscal year.

Graco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, July 20th. Graco's payout ratio is presently 37.11%.

About Graco

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source