Edgestream Partners L.P. reduced its stake in Graco Inc. (NYSE:GGG – Free Report) by 35.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,107 shares of the industrial products company’s stock after selling 9,027 shares during the period. Edgestream Partners L.P.’s holdings in Graco were worth $1,391,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently made changes to their positions in GGG. Moneta Group Investment Advisors LLC lifted its stake in shares of Graco by 102,901.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,793,696 shares of the industrial products company’s stock worth $322,424,000 after acquiring an additional 4,789,042 shares during the period. Morgan Stanley lifted its stake in Graco by 156.6% during the fourth quarter. Morgan Stanley now owns 4,453,162 shares of the industrial products company’s stock valued at $299,520,000 after purchasing an additional 2,718,018 shares during the last quarter. Norges Bank acquired a new stake in Graco during the fourth quarter valued at approximately $116,116,000. BlackRock Inc. lifted its stake in Graco by 10.0% during the first quarter. BlackRock Inc. now owns 16,868,602 shares of the industrial products company’s stock valued at $1,231,577,000 after purchasing an additional 1,538,176 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Graco by 452.4% during the fourth quarter. Millennium Management LLC now owns 1,465,466 shares of the industrial products company’s stock valued at $98,567,000 after purchasing an additional 1,200,165 shares during the last quarter. 84.94% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, Director Eric Etchart sold 3,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $75.20, for a total transaction of $225,600.00. Following the transaction, the director now owns 37,900 shares in the company, valued at approximately $2,850,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Sant R. William Van sold 30,870 shares of the firm’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $75.08, for a total value of $2,317,719.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric Etchart sold 3,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $75.20, for a total transaction of $225,600.00. Following the completion of the transaction, the director now owns 37,900 shares in the company, valued at $2,850,080. The disclosure for this sale can be found here. Insiders own 2.98% of the company’s stock.
Graco Stock Performance
Graco (NYSE:GGG – Get Free Report) last issued its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The business had revenue of $539.70 million during the quarter, compared to the consensus estimate of $557.12 million. Graco had a net margin of 23.93% and a return on equity of 25.08%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. On average, equities analysts predict that Graco Inc. will post 3.04 earnings per share for the current year.
Graco Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Monday, October 16th were given a $0.235 dividend. The ex-dividend date was Friday, October 13th. This represents a $0.94 dividend on an annualized basis and a yield of 1.17%. Graco’s payout ratio is 30.92%.
Wall Street Analyst Weigh In
Several research firms recently commented on GGG. Royal Bank of Canada cut their target price on shares of Graco from $94.00 to $91.00 and set an “outperform” rating for the company in a research note on Friday, July 28th. StockNews.com raised shares of Graco from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Finally, BNP Paribas began coverage on shares of Graco in a research note on Thursday, October 5th. They set a “neutral” rating and a $73.00 target price for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.50.
Graco Company Profile
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, and precision dispensing solutions.
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