Optimal Asset Management Inc. boosted its stake in shares of Graco Inc. (NYSE:GGG) by 25.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,511 shares of the industrial products company’s stock after purchasing an additional 2,500 shares during the quarter. Optimal Asset Management Inc.’s holdings in Graco were worth $896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. boosted its position in Graco by 5.2% during the first quarter. BlackRock Inc. now owns 15,076,493 shares of the industrial products company’s stock valued at $1,079,778,000 after purchasing an additional 750,000 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in Graco by 2.4% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,554,795 shares of the industrial products company’s stock valued at $541,076,000 after purchasing an additional 175,126 shares in the last quarter. WCM Investment Management LLC boosted its position in Graco by 3.5% during the first quarter. WCM Investment Management LLC now owns 4,875,703 shares of the industrial products company’s stock valued at $349,198,000 after purchasing an additional 167,096 shares in the last quarter. Neuberger Berman Group LLC boosted its holdings in Graco by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 2,329,861 shares of the industrial products company’s stock worth $164,833,000 after acquiring an additional 25,475 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Graco by 3.6% in the first quarter. Geode Capital Management LLC now owns 2,264,045 shares of the industrial products company’s stock worth $162,150,000 after acquiring an additional 78,715 shares in the last quarter. 84.17% of the stock is currently owned by institutional investors.
Several brokerages have weighed in on GGG. Royal Bank of Canada raised their price target on Graco from $81.00 to $89.00 and gave the stock an “outperform” rating in a report on Friday, April 23rd. Morgan Stanley raised their price target on Graco from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, April 23rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Graco currently has an average rating of “Buy” and a consensus price target of $76.00.
Graco stock opened at $78.32 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.48 and a quick ratio of 2.52. Graco Inc. has a 52 week low of $52.10 and a 52 week high of $79.37. The firm has a market capitalization of $13.27 billion, a P/E ratio of 37.30, a price-to-earnings-growth ratio of 3.89 and a beta of 0.59. The business’s 50-day moving average price is $75.29.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 21st. The industrial products company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.01. The firm had revenue of $507.16 million during the quarter, compared to the consensus estimate of $478.01 million. Graco had a return on equity of 30.60% and a net margin of 20.99%. The company’s revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, analysts expect that Graco Inc. will post 2.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 4th. Investors of record on Monday, July 19th will be given a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, July 16th. Graco’s dividend payout ratio is currently 38.46%.
Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The company's Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes, and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems, and applicators.
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