NewEdge Wealth LLC Takes $2.01 Million Position in Graco Inc. $GGG

Key Points

• NewEdge Wealth acquired 26,577 Graco shares in the second quarter, valued at approximately $2.01 million. Institutional investors collectively own 93.88% of Graco’s outstanding stock.
• Graco reported quarterly EPS of $0.91, beating the $0.81 consensus estimate, while revenue rose 3.3% year over year to $590.55 million but fell short of expectations.
• The company pays a quarterly dividend of $0.295, equal to a $1.18 annualized payout and a 1.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $95, compared with a recent share price of $81.77.

NewEdge Wealth LLC acquired a new position in Graco Inc. (NYSE:GGG - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 26,577 shares of the industrial products company's stock, valued at approximately $2,009,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Graco in the second quarter valued at approximately $1,396,470,000. State Street Corp increased its position in shares of Graco by 3.2% during the fourth 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 increased its position in shares of Graco by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company's stock worth $380,642,000 after purchasing an additional 261,126 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Graco by 5.4% during 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 last quarter. Finally, Amundi lifted its holdings in shares of 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 during the last quarter. Hedge funds and other institutional investors own 93.88% of the company's stock.

Graco Stock Performance

Graco stock opened at $81.77 on Friday. The business's 50-day simple moving average is $77.66 and its two-hundred day simple moving average is $82.03. The company has a market cap of $13.24 billion, a PE ratio of 25.71, a PEG ratio of 2.54 and a beta of 0.92. Graco Inc. has a fifty-two week low of $72.51 and a fifty-two week high of $95.69.

Graco (NYSE:GGG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $590.55 million during the quarter, compared to analysts' expectations of $608.06 million. During the same period last year, the business posted $0.75 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts predict that Graco Inc. will post 3.26 EPS for the current fiscal year.

Graco Announces Dividend

The firm 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 1.4%. The ex-dividend date was Monday, July 20th. Graco's dividend payout ratio is 37.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. DA Davidson restated a "neutral" rating and set a $85.00 price target on shares of Graco in a research note on Monday, July 27th. Wolfe Research lowered shares of Graco from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 9th. Royal Bank Of Canada lifted their target price on shares of Graco from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note 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. Finally, Robert W. Baird set a $94.00 price target on shares of Graco in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $95.00.

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.

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