New York State Common Retirement Fund lowered its stake in shares of Graco Inc. (NYSE:GGG - Free Report) by 72.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 77,222 shares of the industrial products company's stock after selling 203,545 shares during the period. New York State Common Retirement Fund's holdings in Graco were worth $6,449,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. TD Private Client Wealth LLC lifted its holdings in shares of Graco by 118.0% in the fourth quarter. TD Private Client Wealth LLC now owns 351 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 190 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of Graco in the fourth quarter valued at about $46,000. Golden State Wealth Management LLC lifted its holdings in shares of Graco by 128.9% in the first quarter. Golden State Wealth Management LLC now owns 689 shares of the industrial products company's stock valued at $58,000 after purchasing an additional 388 shares in the last quarter. Sit Investment Associates Inc. purchased a new stake in shares of Graco in the fourth quarter valued at about $80,000. Finally, USA Financial Formulas lifted its holdings in shares of Graco by 43.6% in the first quarter. USA Financial Formulas now owns 1,057 shares of the industrial products company's stock valued at $88,000 after purchasing an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 93.88% of the company's stock.
Insider Buying and Selling
In related news, insider David J. Thompson sold 3,588 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $86.23, for a total transaction of $309,393.24. Following the completion of the transaction, the insider owned 27,520 shares of the company's stock, valued at approximately $2,373,049.60. This represents a 11.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.19% of the company's stock.
Graco Stock Performance
Shares of GGG opened at $86.82 on Monday. The company has a market capitalization of $14.51 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 2.94 and a beta of 1.06. The company's 50 day simple moving average is $85.80 and its 200 day simple moving average is $84.02. Graco Inc. has a 1 year low of $72.06 and a 1 year high of $92.86.
Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Graco had a net margin of 22.70% and a return on equity of 19.42%. The firm had revenue of $528.28 million during the quarter, compared to analyst estimates of $526.98 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. Graco's revenue for the quarter was up 7.3% compared to the same quarter last year. Equities analysts expect that Graco Inc. will post 3.06 EPS for the current fiscal year.
Graco Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 6th. Investors of record on Monday, July 21st will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Monday, July 21st. Graco's dividend payout ratio (DPR) is 38.87%.
Analyst Ratings Changes
Separately, Wolfe Research started coverage on shares of Graco in a research note on Wednesday, June 18th. They set an "outperform" rating on the stock. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Graco has an average rating of "Moderate Buy" and an average price target of $93.00.
Check Out Our Latest Report on GGG
About Graco
(
Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Graco, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Graco wasn't on the list.
While Graco currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
