Graco (NYSE:GGG) Price Target Raised to $91.00

Key Points

• Graco's price target was increased from $88.00 to $91.00 by Robert W. Baird, indicating a potential upside of 7.23% from the stock's previous close.
• Wolfe Research has given Graco an "outperform" rating while the consensus rating across analysts remains a "Moderate Buy" with a target price of $94.50.
• Graco reported $0.75 earnings per share, missing estimates by ($0.03), with revenue of $571.81 million for the quarter compared to expectations of $590.57 million.

Graco (NYSE:GGG - Get Free Report) had its price target boosted by Robert W. Baird from $88.00 to $91.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the industrial products company's stock. Robert W. Baird's price objective suggests a potential upside of 7.23% from the stock's previous close.

Separately, Wolfe Research assumed coverage on shares of Graco in a research report 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.50.

Graco Price Performance

Graco stock opened at $84.87 on Friday. The firm has a market cap of $14.18 billion, a price-to-earnings ratio of 30.09, a P/E/G ratio of 2.95 and a beta of 1.06. Graco has a fifty-two week low of $72.06 and a fifty-two week high of $92.86. The firm has a fifty day moving average price of $85.87 and a two-hundred day moving average price of $84.08.

Graco (NYSE:GGG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). The firm had revenue of $571.81 million for the quarter, compared to analyst estimates of $590.57 million. Graco had a return on equity of 19.00% and a net margin of 22.26%. The company's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.77 EPS. As a group, sell-side analysts expect that Graco will post 3.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider David J. Thompson sold 3,588 shares of Graco stock in a transaction 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 sale, the insider directly owned 27,520 shares of the company's stock, valued at approximately $2,373,049.60. The trade was a 11.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.19% of the company's stock.

Hedge Funds Weigh In On Graco

A number of institutional investors have recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH bought a new stake in Graco in the second quarter worth about $51,000. Aberdeen Group plc increased its position in shares of Graco by 42.0% in the 2nd quarter. Aberdeen Group plc now owns 8,433 shares of the industrial products company's stock valued at $725,000 after acquiring an additional 2,493 shares during the period. Callan Family Office LLC raised its position in Graco by 1,026.2% during the second quarter. Callan Family Office LLC now owns 64,924 shares of the industrial products company's stock valued at $5,582,000 after acquiring an additional 59,159 shares in the last quarter. US Bancorp DE increased its holdings in Graco by 6.5% in the second quarter. US Bancorp DE now owns 312,160 shares of the industrial products company's stock valued at $26,836,000 after buying an additional 18,949 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Graco in the second quarter valued at approximately $204,000. Institutional investors own 93.88% of the company's stock.

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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