Verition Fund Management LLC Takes Position in Graco Inc. (GGG)
Verition Fund Management LLC purchased a new position in Graco Inc. (NYSE:GGG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,061 shares of the industrial products company’s stock, valued at approximately $444,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Prudential Financial Inc. increased its stake in shares of Graco by 19.0% in the second quarter. Prudential Financial Inc. now owns 327,738 shares of the industrial products company’s stock worth $35,816,000 after acquiring an additional 52,346 shares during the last quarter. BB&T Securities LLC increased its stake in shares of Graco by 0.5% in the second quarter. BB&T Securities LLC now owns 6,930 shares of the industrial products company’s stock worth $757,000 after acquiring an additional 36 shares during the last quarter. Morgan Stanley increased its stake in shares of Graco by 12.3% in the first quarter. Morgan Stanley now owns 148,597 shares of the industrial products company’s stock worth $13,989,000 after acquiring an additional 16,224 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Graco by 2.5% in the second quarter. Capstone Asset Management Co. now owns 5,646 shares of the industrial products company’s stock worth $617,000 after acquiring an additional 140 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Graco by 8.4% in the second quarter. JPMorgan Chase & Co. now owns 305,782 shares of the industrial products company’s stock worth $33,416,000 after acquiring an additional 23,718 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Graco Inc. (NYSE:GGG) opened at 125.96 on Friday. The company has a market capitalization of $7.05 billion, a PE ratio of 79.92 and a beta of 1.25. Graco Inc. has a one year low of $72.88 and a one year high of $126.20. The company has a 50-day moving average of $121.62 and a 200-day moving average of $111.78.
Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.32. The firm had revenue of $379.50 million for the quarter, compared to analyst estimates of $369.36 million. Graco had a net margin of 6.50% and a return on equity of 40.21%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.89 EPS. On average, analysts anticipate that Graco Inc. will post $4.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Monday, October 16th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.44 annualized dividend and a dividend yield of 1.14%. Graco’s dividend payout ratio is presently 92.90%.
A number of research firms have recently weighed in on GGG. KeyCorp reaffirmed a “hold” rating on shares of Graco in a research note on Friday. Wolfe Research reaffirmed a “market perform” rating on shares of Graco in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Graco from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Zacks Investment Research downgraded shares of Graco from a “buy” rating to a “hold” rating in a research note on Monday, July 10th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $129.00 price target on shares of Graco in a research note on Wednesday, October 4th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $110.00.
In other news, Director Eric Etchart sold 757 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $119.20, for a total transaction of $90,234.40. Following the transaction, the director now directly owns 12,464 shares in the company, valued at approximately $1,485,708.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Karen Park Gallivan sold 12,242 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 27,264 shares in the company, valued at $3,135,360. The disclosure for this sale can be found here. Insiders have sold a total of 66,258 shares of company stock worth $7,758,089 over the last 90 days. 5.70% of the stock is 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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