California State Teachers Retirement System decreased its position in Graco Inc. (NYSE:GGG) by 0.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 291,778 shares of the industrial products company’s stock after selling 1,160 shares during the quarter. California State Teachers Retirement System’s holdings in Graco were worth $20,897,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp grew its position in shares of Graco by 503.4% in the 1st quarter. Jones Financial Companies Lllp now owns 356 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 297 shares in the last quarter. Wealthcare Advisory Partners LLC acquired a new position in shares of Graco in the 1st quarter worth approximately $28,000. Childress Capital Advisors LLC acquired a new position in shares of Graco in the 4th quarter worth approximately $29,000. Certified Advisory Corp acquired a new position in shares of Graco in the 1st quarter worth approximately $30,000. Finally, CWM LLC grew its position in shares of Graco by 147.3% in the 1st quarter. CWM LLC now owns 460 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 274 shares in the last quarter. Institutional investors own 84.17% of the company’s stock.
In other Graco news, Director Lee R. Mitau sold 18,000 shares of Graco stock in a transaction on Tuesday, April 27th. The stock was sold at an average price of $77.02, for a total transaction of $1,386,360.00. Following the sale, the director now owns 184,262 shares of the company’s stock, valued at approximately $14,191,859.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dale D. Johnson sold 19,297 shares of Graco stock in a transaction on Monday, April 26th. The shares were sold at an average price of $77.05, for a total value of $1,486,833.85. Following the sale, the insider now directly owns 194,105 shares in the company, valued at approximately $14,955,790.25. The disclosure for this sale can be found here. 3.63% of the stock is owned by insiders.
Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, July 21st. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.01. The business had revenue of $507.16 million during the quarter, compared to analyst estimates of $478.01 million. Graco had a return on equity of 30.60% and a net margin of 20.99%. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 EPS. As a group, sell-side analysts forecast that Graco Inc. will post 2.47 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 4th. Shareholders of record on Monday, July 19th will be paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, July 16th. Graco’s payout ratio is currently 38.46%.
Several brokerages have recently commented on GGG. Morgan Stanley lifted their target price on Graco from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, April 23rd. Royal Bank of Canada boosted their price objective on Graco from $81.00 to $89.00 and gave the company an “outperform” rating in a research report on Friday, April 23rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $76.00.
Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The company's Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes, and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems, and applicators.
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