OLD National Bancorp IN Makes New Investment in Graco Inc. $GGG

Key Points

• OLD National Bancorp IN acquired 8,890 shares of Graco Inc., valued at approximately $764,000, during the second quarter.
• A recent earnings report revealed Graco's EPS of $0.75, missing estimates, with a net margin of 22.26% and revenue of $571.81 million.
• Graco plans to pay a quarterly dividend of $0.275 per share on November 5th, resulting in a 1.3% dividend yield.

OLD National Bancorp IN acquired a new stake in Graco Inc. (NYSE:GGG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,890 shares of the industrial products company's stock, valued at approximately $764,000.

Other large investors have also recently added to or reduced their stakes in the company. eCIO Inc. purchased a new position in Graco in the 1st quarter valued at approximately $32,000. WPG Advisers LLC purchased a new position in Graco in the first quarter valued at $41,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in Graco by 41.5% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 481 shares of the industrial products company's stock worth $41,000 after purchasing an additional 141 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Graco by 982.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company's stock worth $42,000 after purchasing an additional 452 shares during the period. Finally, Golden State Wealth Management LLC raised its position in Graco by 128.9% in the 1st 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. 93.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GGG. Wolfe Research initiated coverage on Graco in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. Robert W. Baird boosted their price target on shares of Graco from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Graco in a report on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.50.

Graco Stock Down 0.0%

Shares of Graco stock opened at $84.73 on Tuesday. Graco Inc. has a 52 week low of $72.06 and a 52 week high of $92.86. The firm's 50 day moving average is $84.90 and its two-hundred day moving average is $84.13. The firm has a market capitalization of $14.04 billion, a P/E ratio of 30.05, a P/E/G ratio of 2.86 and a beta of 1.07.

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

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Monday, October 20th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $1.10 annualized dividend and a dividend yield of 1.3%. Graco's dividend payout ratio (DPR) is presently 39.01%.

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.

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