Principal Financial Group Inc. Purchases 15,938 Shares of Graco Inc. (GGG)
Principal Financial Group Inc. boosted its position in Graco Inc. (NYSE:GGG) by 7.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 240,251 shares of the industrial products company’s stock after purchasing an additional 15,938 shares during the quarter. Principal Financial Group Inc. owned about 0.43% of Graco worth $26,255,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Graco by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 4,886,860 shares of the industrial products company’s stock valued at $460,049,000 after acquiring an additional 309,685 shares in the last quarter. BlackRock Inc. raised its holdings in Graco by 13,639.9% in the 1st quarter. BlackRock Inc. now owns 4,370,674 shares of the industrial products company’s stock valued at $411,455,000 after acquiring an additional 4,338,864 shares in the last quarter. State Street Corp raised its holdings in Graco by 3.2% in the 1st quarter. State Street Corp now owns 1,465,590 shares of the industrial products company’s stock valued at $137,974,000 after acquiring an additional 45,636 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Graco by 36.5% in the 1st quarter. Bank of New York Mellon Corp now owns 940,408 shares of the industrial products company’s stock valued at $88,531,000 after acquiring an additional 251,447 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Graco by 59.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 652,883 shares of the industrial products company’s stock valued at $61,463,000 after acquiring an additional 244,321 shares in the last quarter. Institutional investors and hedge funds own 86.85% of the company’s stock.
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Several equities analysts have weighed in on the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $104.00 price objective on shares of Graco in a report on Monday, June 5th. BidaskClub raised Graco from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Wolfe Research reaffirmed a “market perform” rating on shares of Graco in a report on Tuesday, August 1st. Zacks Investment Research raised Graco from a “hold” rating to a “buy” rating and set a $127.00 price objective for the company in a report on Monday, July 31st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $110.00 price objective (up from $105.00) on shares of Graco in a report on Monday, June 5th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $106.20.
Graco Inc. (NYSE:GGG) opened at 115.63 on Monday. Graco Inc. has a 12-month low of $69.33 and a 12-month high of $117.54. The firm has a market cap of $6.47 billion, a PE ratio of 73.37 and a beta of 1.24. The stock’s 50 day moving average price is $113.42 and its 200-day moving average price is $105.61.
Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 EPS for the quarter, topping the Zacks’ 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 last year, the company earned $0.89 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts anticipate that Graco Inc. will post $4.53 earnings per share for the current fiscal year.
In related news, VP Karen Park Gallivan sold 12,242 shares of Graco stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total transaction of $1,407,830.00. Following the completion of the sale, the vice president now owns 27,264 shares of the company’s stock, valued at $3,135,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.70% of the stock is currently owned by company insiders.
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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