Balyasny Asset Management LLC Buys Shares of 2,508 Graco Inc. (GGG)
Balyasny Asset Management LLC bought a new stake in shares of Graco Inc. (NYSE:GGG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,508 shares of the industrial products company’s stock, valued at approximately $274,000.
Other institutional investors have also made changes to their positions in the company. Prudential Financial Inc. grew its stake in shares of Graco by 19.0% during the second quarter. Prudential Financial Inc. now owns 327,738 shares of the industrial products company’s stock valued at $35,816,000 after acquiring an additional 52,346 shares in the last quarter. BB&T Securities LLC grew its stake in shares of Graco by 0.5% during the second quarter. BB&T Securities LLC now owns 6,930 shares of the industrial products company’s stock valued at $757,000 after acquiring an additional 36 shares in the last quarter. Morgan Stanley grew its stake in shares of Graco by 12.3% during the first quarter. Morgan Stanley now owns 148,597 shares of the industrial products company’s stock valued at $13,989,000 after acquiring an additional 16,224 shares in the last quarter. Capstone Asset Management Co. grew its stake in shares of Graco by 2.5% during the second quarter. Capstone Asset Management Co. now owns 5,646 shares of the industrial products company’s stock valued at $617,000 after acquiring an additional 140 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Graco by 8.4% during the second quarter. JPMorgan Chase & Co. now owns 305,782 shares of the industrial products company’s stock valued at $33,416,000 after acquiring an additional 23,718 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.
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Graco Inc. (NYSE:GGG) opened at 127.96 on Friday. Graco Inc. has a 1-year low of $72.88 and a 1-year high of $127.96. The company has a 50-day moving average price of $121.97 and a 200-day moving average price of $112.02. The firm has a market capitalization of $7.17 billion, a P/E ratio of 81.19 and a beta of 1.25.
Graco (NYSE:GGG) last announced its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.32. The business had revenue of $379.50 million during 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 firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 earnings per share. On average, equities research analysts predict that Graco Inc. will post $4.54 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Monday, October 16th will be paid a $0.36 dividend. The ex-dividend date is Friday, October 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.13%. Graco’s payout ratio is currently 92.90%.
GGG has been the subject of several recent analyst reports. Zacks Investment Research downgraded Graco from a “buy” rating to a “hold” rating in a research note on Monday, July 10th. Wolfe Research initiated coverage on Graco in a research note on Tuesday, July 11th. They issued an “underperform” rating and a $100.00 price target for the company. FBR & Co reiterated a “marketperform” rating on shares of Graco in a research note on Tuesday, July 11th. BidaskClub downgraded Graco from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Graco in a research note on Friday, July 28th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $110.00.
In related news, Director Eric Etchart sold 759 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $124.90, for a total value of $94,799.10. Following the sale, the director now owns 11,983 shares of the company’s stock, valued at $1,496,676.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Karen Park Gallivan sold 12,242 shares of the company’s stock in a transaction dated 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. In the last three months, insiders sold 66,258 shares of company stock worth $7,758,089. 5.70% of the stock is currently owned by 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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