State of Wyoming Purchases Shares of 14,481 Graco Inc. $GGG

Key Points

• Wyoming purchased 14,481 Graco shares worth approximately $1.095 million in the second quarter. Institutional investors and hedge funds collectively own 93.88% of GGG.
• Analysts maintain a generally cautious outlook, with Graco receiving a consensus “Hold” rating and an average price target of $95.00. Recent recommendations included an RBC upgrade to “outperform” and a Wolfe Research downgrade to “peer perform.”
• Graco’s latest quarterly earnings beat expectations, with EPS of $0.91 versus the $0.81 estimate, while revenue rose 3.3% year over year to $590.55 million. The company pays a quarterly dividend of $0.295, equivalent to a 1.4% annual yield.

State of Wyoming purchased a new stake in Graco Inc. (NYSE:GGG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,481 shares of the industrial products company's stock, valued at approximately $1,095,000.

Several other institutional investors and hedge funds also recently modified their holdings of GGG. Mercer Global Advisors Inc. ADV raised its position in Graco by 0.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,277 shares of the industrial products company's stock valued at $1,745,000 after buying an additional 109 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its position in Graco by 0.3% during the 2nd quarter. Stonebridge Capital Advisors LLC now owns 41,431 shares of the industrial products company's stock worth $3,562,000 after acquiring an additional 119 shares during the last quarter. ICW Investment Advisors LLC grew its stake in shares of Graco by 5.2% during the 2nd quarter. ICW Investment Advisors LLC now owns 2,723 shares of the industrial products company's stock worth $234,000 after acquiring an additional 135 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Graco by 5.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,813 shares of the industrial products company's stock valued at $231,000 after purchasing an additional 139 shares during the last quarter. Finally, Root Financial Partners LLC lifted its position in shares of Graco by 43.2% in the first quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company's stock worth $43,000 after purchasing an additional 152 shares in the last quarter. 93.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Graco Trading Down 0.4%

Shares of NYSE GGG opened at $81.90 on Friday. The company has a market capitalization of $13.26 billion, a P/E ratio of 25.75, a P/E/G ratio of 2.52 and a beta of 0.92. Graco Inc. has a 12 month low of $72.51 and a 12 month high of $95.69. The stock has a 50 day moving average of $77.08 and a 200-day moving average of $82.22.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.10. Graco had a return on equity of 19.54% and a net margin of 23.53%.The business had revenue of $590.55 million for the quarter, compared to analysts' expectations of $608.06 million. During the same quarter in the prior year, the business earned $0.75 EPS. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. Analysts predict that Graco Inc. will post 3.26 EPS for the current fiscal year.

Graco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $0.295 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. Graco's dividend payout ratio is presently 37.11%.

Graco Company Profile

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