Graco’s (GGG) Hold Rating Reaffirmed at Robert W. Baird
Robert W. Baird reissued their hold rating on shares of Graco Inc. (NYSE:GGG) in a report released on Wednesday morning. Robert W. Baird currently has a $129.00 target price on the industrial products company’s stock.
A number of other equities analysts have also weighed in on GGG. Royal Bank Of Canada restated a hold rating on shares of Graco in a research report on Friday, July 28th. Wolfe Research reiterated a market perform rating on shares of Graco in a research report on Tuesday, August 1st. Zacks Investment Research upgraded shares of Graco from a hold rating to a buy rating and set a $127.00 price objective for the company in a research report on Monday, July 31st. BidaskClub upgraded shares of Graco from a hold rating to a buy rating in a research report on Friday, August 18th. Finally, FBR & Co reiterated a marketperform rating on shares of Graco in a research report on Tuesday, July 11th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $110.00.
Graco (NYSE:GGG) traded down 0.20% during mid-day trading on Wednesday, hitting $124.61. 200,544 shares of the stock traded hands. The company’s 50 day moving average is $117.90 and its 200 day moving average is $109.39. The company has a market cap of $6.98 billion, a P/E ratio of 79.07 and a beta of 1.25. Graco has a 12 month low of $69.33 and a 12 month high of $125.52.
Graco (NYSE:GGG) last issued its earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.32. Graco had a net margin of 6.50% and a return on equity of 40.21%. The firm had revenue of $379.50 million during the quarter, compared to analyst estimates of $369.36 million. During the same quarter in the prior year, the business earned $0.89 earnings per share. Graco’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, analysts expect that Graco will post $4.54 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Monday, October 16th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, October 13th. This represents a $1.44 annualized dividend and a yield of 1.16%. Graco’s dividend payout ratio (DPR) is currently 92.90%.
In other news, insider David M. Lowe sold 30,000 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $115.50, for a total value of $3,465,000.00. Following the sale, the insider now owns 164,809 shares of the company’s stock, valued at $19,035,439.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Karen Park Gallivan sold 12,242 shares of the stock in a transaction on Thursday, July 27th. The shares were 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 directly owns 27,264 shares in the company, valued at approximately $3,135,360. The disclosure for this sale can be found here. Insiders have sold 68,258 shares of company stock valued at $7,758,309 in the last quarter. 5.70% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Curbstone Financial Management Corp raised its stake in shares of Graco by 90.8% in the third quarter. Curbstone Financial Management Corp now owns 8,252 shares of the industrial products company’s stock valued at $1,021,000 after acquiring an additional 3,926 shares during the period. Griffin Asset Management Inc. purchased a new stake in shares of Graco in the second quarter valued at $2,094,000. USA Financial Portformulas Corp purchased a new stake in shares of Graco in the second quarter valued at $473,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Graco in the second quarter valued at $577,000. Finally, Koch Industries Inc. purchased a new stake in shares of Graco in the second quarter valued at $582,000. 86.82% of the stock is currently owned by institutional investors and hedge funds.
Graco Company Profile
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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