Graco (NYSE:GGG) Hits New 52-Week Low – What’s Next?

Graco Inc. (NYSE:GGG)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $73.15 and last traded at $74.9310, with a volume of 34688 shares. The stock had previously closed at $74.16.

Wall Street Analysts Forecast Growth

GGG has been the topic of several research reports. DA Davidson reissued a “neutral” rating and issued a $85.00 price target on shares of Graco in a research note on Monday, April 27th. Robert W. Baird dropped their price objective on shares of Graco from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $95.00 price objective on shares of Graco in a report on Friday, April 24th. Finally, Weiss Ratings lowered shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $94.25.

Graco Price Performance

The stock’s 50 day moving average is $78.09 and its two-hundred day moving average is $83.95. The stock has a market capitalization of $12.51 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 2.43 and a beta of 0.93.

Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09). The business had revenue of $540.14 million for the quarter, compared to analyst estimates of $561.35 million. Graco had a return on equity of 18.66% and a net margin of 22.96%.The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. On average, equities analysts predict that Graco Inc. will post 3.1 earnings per share for the current year.

Graco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a yield of 1.6%. Graco’s dividend payout ratio (DPR) is 38.44%.

Insider Buying and Selling at Graco

In related news, Director Andrea Helen Simon purchased 1,240 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was acquired at an average price of $80.53 per share, for a total transaction of $99,857.20. Following the acquisition, the director directly owned 1,240 shares of the company’s stock, valued at $99,857.20. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Graco

Several hedge funds have recently bought and sold shares of the company. Ballast Advisors LLC purchased a new stake in Graco during the first quarter worth $74,000. Pacer Advisors Inc. boosted its position in shares of Graco by 26.4% in the 1st quarter. Pacer Advisors Inc. now owns 288,315 shares of the industrial products company’s stock worth $24,406,000 after buying an additional 60,271 shares in the last quarter. Parallel Advisors LLC grew its stake in Graco by 34.8% in the 1st quarter. Parallel Advisors LLC now owns 8,217 shares of the industrial products company’s stock valued at $696,000 after acquiring an additional 2,122 shares during the last quarter. Essential Partners LLC increased its holdings in Graco by 78.6% during the 1st quarter. Essential Partners LLC now owns 359 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 158 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in Graco during the first quarter worth about $2,775,000. 93.88% of the stock is owned by hedge funds and other 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.