Graco’s (GGG) “Hold” Rating Reaffirmed at KeyCorp
GGG has been the subject of several other reports. Zacks Investment Research cut shares of Graco from a buy rating to a hold rating in a research report on Monday, July 10th. BidaskClub raised shares of Graco from a hold rating to a buy rating in a research report on Friday, August 18th. Robert W. Baird reaffirmed a hold rating and set a $129.00 price objective on shares of Graco in a research report on Wednesday, October 4th. Wolfe Research reaffirmed a market perform rating on shares of Graco in a research report on Tuesday, August 1st. Finally, Royal Bank Of Canada reaffirmed a hold rating on shares of Graco in a research report on Friday, July 28th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Graco presently has an average rating of Hold and an average price target of $110.00.
Shares of Graco (GGG) traded up 1.59% during trading on Friday, hitting $127.96. The stock had a trading volume of 271,539 shares. The stock has a market cap of $7.17 billion, a P/E ratio of 81.19 and a beta of 1.25. The stock’s 50 day moving average price is $121.97 and its 200-day moving average price is $112.02. Graco has a one year low of $72.88 and a one year high of $127.96.
Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.32. The business had revenue of $379.50 million during the quarter, compared to analysts’ expectations of $369.36 million. Graco had a net margin of 6.50% and a return on equity of 40.21%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.89 EPS. Analysts expect that Graco will post $4.54 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors 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 yield of 1.13%. Graco’s dividend payout ratio is currently 92.90%.
In related news, VP Karen Park Gallivan sold 12,242 shares of Graco 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 sale, the vice president now directly owns 27,264 shares in the company, valued at approximately $3,135,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP David M. Ahlers sold 22,500 shares of Graco stock in a transaction 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 sale, the vice president now owns 42,047 shares in the company, valued at $5,046,060.47. 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 quarter. 5.70% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. APG Asset Management N.V. acquired a new stake in Graco during the 3rd quarter worth $6,605,000. Oakbrook Investments LLC acquired a new stake in Graco during the 3rd quarter worth $461,000. Meeder Asset Management Inc. acquired a new stake in Graco during the 3rd quarter worth $256,000. Robeco Institutional Asset Management B.V. raised its stake in Graco by 427.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 78,220 shares of the industrial products company’s stock worth $9,676,000 after acquiring an additional 63,393 shares in the last quarter. Finally, Shell Asset Management Co. acquired a new stake in Graco during the 3rd quarter worth $1,080,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.
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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