Commerce Bank boosted its stake in Graco Inc. (NYSE:GGG) by 1.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,038 shares of the industrial products company’s stock after purchasing an additional 60 shares during the quarter. Commerce Bank’s holdings in Graco were worth $441,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in Graco by 7.1% during the 2nd quarter. Principal Financial Group Inc. now owns 240,251 shares of the industrial products company’s stock valued at $26,255,000 after purchasing an additional 15,938 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Graco during the 2nd quarter valued at about $496,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Graco by 12.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,071 shares of the industrial products company’s stock valued at $226,000 after purchasing an additional 231 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Graco by 11.5% during the 2nd quarter. Pacer Advisors Inc. now owns 8,153 shares of the industrial products company’s stock valued at $891,000 after purchasing an additional 843 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new position in Graco during the 2nd quarter valued at about $1,621,000. Hedge funds and other institutional investors own 86.82% of the company’s stock.
In other news, VP David M. Ahlers sold 22,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $120.01, for a total transaction of $2,700,225.00. Following the completion of the transaction, the vice president now directly owns 42,047 shares in the company, valued at $5,046,060.47. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eric Etchart sold 757 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $119.20, for a total value of $90,234.40. Following the transaction, the director now owns 12,464 shares of the company’s stock, valued at $1,485,708.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,499 shares of company stock valued at $7,663,509. Corporate insiders own 5.70% of the company’s stock.
A number of brokerages have commented on GGG. BidaskClub downgraded shares of Graco from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Wolfe Research reissued a “market perform” rating on shares of Graco in a research report on Tuesday, August 1st. Zacks Investment Research raised shares of Graco from a “hold” rating to a “buy” rating and set a $127.00 price target for the company in a report on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Graco in a report on Friday, July 28th. Finally, FBR & Co reaffirmed a “marketperform” rating on shares of Graco in a report on Tuesday, July 11th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $106.20.
Shares of Graco Inc. (NYSE:GGG) opened at 122.40 on Friday. The company’s 50-day moving average is $115.07 and its 200 day moving average is $107.14. Graco Inc. has a 52-week low of $69.33 and a 52-week high of $122.86. The firm has a market cap of $6.85 billion, a price-to-earnings ratio of 77.66 and a beta of 1.24.
Graco (NYSE:GGG) last posted its earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.32. Graco had a return on equity of 40.21% and a net margin of 6.50%. The firm had revenue of $379.50 million during the quarter, compared to analyst estimates of $369.36 million. During the same period in the previous year, the company earned $0.89 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, analysts expect that Graco Inc. will post $4.53 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Monday, October 16th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.18%. Graco’s dividend payout ratio (DPR) is currently 92.90%.
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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