Graco (NYSE:GGG) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Graco (NYSE:GGG) had its target price lifted by research analysts at Royal Bank Of Canada from $97.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 14.45% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Graco in a report on Thursday, January 22nd. KeyCorp reissued a “sector weight” rating on shares of Graco in a research report on Tuesday. Finally, Robert W. Baird set a $96.00 price objective on Graco in a research report on Wednesday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $93.67.

Graco Stock Performance

NYSE GGG traded down $0.28 during trading hours on Wednesday, hitting $87.38. 174,349 shares of the company traded hands, compared to its average volume of 813,887. The business’s 50-day moving average is $83.83 and its 200-day moving average is $83.92. The stock has a market capitalization of $14.49 billion, a price-to-earnings ratio of 28.30, a P/E/G ratio of 2.74 and a beta of 1.09. Graco has a twelve month low of $72.06 and a twelve month high of $89.67.

Graco (NYSE:GGG) last released its quarterly earnings data on Monday, January 26th. The industrial products company reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. The company had revenue of $593.16 million during the quarter, compared to the consensus estimate of $591.99 million. Graco had a return on equity of 19.73% and a net margin of 23.33%.The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Analysts predict that Graco will post 3.06 EPS for the current year.

Graco announced that its Board of Directors has initiated a stock repurchase plan on Friday, December 5th that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Graco

Several hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in Graco by 15.6% in the first quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company’s stock valued at $27,592,000 after acquiring an additional 44,573 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Graco by 982.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 452 shares in the last quarter. Signaturefd LLC increased its stake in shares of Graco by 11.4% in the 2nd quarter. Signaturefd LLC now owns 3,493 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 358 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Graco by 1.4% in the 2nd quarter. HB Wealth Management LLC now owns 17,508 shares of the industrial products company’s stock valued at $1,505,000 after purchasing an additional 239 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Graco by 3.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 25,310 shares of the industrial products company’s stock worth $2,176,000 after buying an additional 893 shares in the last quarter. 93.88% of the stock is owned by institutional investors.

About Graco

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.