CIBC Asset Management Inc Invests $234,000 in Graco Inc. (GGG) Stock
CIBC Asset Management Inc acquired a new position in shares of Graco Inc. (NYSE:GGG) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,895 shares of the industrial products company’s stock, valued at approximately $234,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Koch Industries Inc. acquired a new position in Graco during the 2nd quarter worth $582,000. Janus Henderson Group PLC acquired a new position in Graco during the 2nd quarter worth $33,167,000. Fiera Capital Corp boosted its position in Graco by 7.3% during the 2nd quarter. Fiera Capital Corp now owns 3,021,561 shares of the industrial products company’s stock worth $330,196,000 after acquiring an additional 206,130 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its position in Graco by 109.4% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 341,998 shares of the industrial products company’s stock worth $37,374,000 after acquiring an additional 178,687 shares during the period. Finally, FMR LLC acquired a new position in Graco during the 2nd quarter worth $16,392,000. Hedge funds and other institutional investors own 86.67% of the company’s stock.
In related news, Director Eric Etchart sold 757 shares of the company’s stock in a transaction on Friday, September 15th. The stock was 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 of the company’s stock, valued at $1,485,708.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David M. Lowe sold 30,000 shares of the company’s 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 transaction, the insider now directly owns 164,809 shares in the company, valued at $19,035,439.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 724,018 shares of company stock valued at $18,357,131. 5.70% of the stock is currently owned by company insiders.
A number of research analysts have issued reports on the company. SunTrust Banks, Inc. reiterated a “hold” rating and set a $128.00 price target on shares of Graco in a research report on Friday, October 27th. Robert W. Baird reiterated a “hold” rating and set a $135.00 price target on shares of Graco in a research report on Friday, October 27th. Zacks Investment Research lowered Graco from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. B. Riley reiterated a “neutral” rating on shares of Graco in a research report on Wednesday, November 1st. Finally, FBR & Co set a $140.00 price target on Graco and gave the stock a “hold” rating in a research report on Thursday, October 26th. Eleven investment analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus target price of $116.75.
Shares of Graco Inc. (NYSE:GGG) opened at $131.48 on Tuesday. Graco Inc. has a fifty-two week low of $80.20 and a fifty-two week high of $134.11. The company has a market capitalization of $7,300.83, a price-to-earnings ratio of 28.40, a PEG ratio of 2.84 and a beta of 1.25. The company has a current ratio of 2.23, a quick ratio of 1.46 and a debt-to-equity ratio of 0.31.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.06 by $0.09. Graco had a return on equity of 42.05% and a net margin of 7.72%. The business had revenue of $379.81 million during the quarter, compared to the consensus estimate of $356.30 million. During the same period in the prior year, the business posted $0.95 earnings per share. Graco’s revenue was up 16.1% compared to the same quarter last year. sell-side analysts anticipate that Graco Inc. will post 4.36 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Monday, October 16th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, October 13th. Graco’s dividend payout ratio is 75.79%.
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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