Graco (NYSE:GGG) Hits New 52-Week High Following Analyst Upgrade

Shares of Graco Inc. (NYSE:GGG) hit a new 52-week high during trading on Wednesday after Jefferies Financial Group raised their price target on the stock from $100.00 to $105.00. Jefferies Financial Group currently has a buy rating on the stock. Graco traded as high as $90.66 and last traded at $86.89, with a volume of 813 shares. The stock had previously closed at $87.65.

Several other equities research analysts have also recently commented on GGG. Robert W. Baird set a $96.00 price objective on shares of Graco in a research report on Wednesday. KeyCorp reiterated a “sector weight” rating on shares of Graco in a research note on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Graco in a research note on Thursday, January 22nd. Finally, Royal Bank Of Canada lifted their price objective on shares of Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Graco presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.50.

Hedge Funds Weigh In On Graco

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Stonebridge Capital Advisors LLC raised its holdings in Graco by 0.3% during the 2nd quarter. Stonebridge Capital Advisors LLC now owns 41,431 shares of the industrial products company’s stock worth $3,562,000 after purchasing an additional 119 shares during the last quarter. Fifth Third Bancorp raised its stake in Graco by 7.7% during the third quarter. Fifth Third Bancorp now owns 1,755 shares of the industrial products company’s stock worth $149,000 after buying an additional 125 shares during the last quarter. ICW Investment Advisors LLC lifted its holdings in Graco by 4.6% in the third quarter. ICW Investment Advisors LLC now owns 2,849 shares of the industrial products company’s stock valued at $242,000 after buying an additional 126 shares during the period. Jones Financial Companies Lllp boosted its position in Graco by 7.8% during the third quarter. Jones Financial Companies Lllp now owns 1,874 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 135 shares during the last quarter. Finally, Viawealth LLC grew its holdings in Graco by 0.3% during the 3rd quarter. Viawealth LLC now owns 53,195 shares of the industrial products company’s stock worth $4,519,000 after acquiring an additional 137 shares during the period. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Stock Performance

The business has a 50 day moving average price of $84.14 and a 200-day moving average price of $83.97. The company has a market capitalization of $14.44 billion, a price-to-earnings ratio of 28.19, a P/E/G ratio of 2.74 and a beta of 1.09.

Graco (NYSE:GGG) last issued its earnings results on Monday, January 26th. The industrial products company reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77. The business had revenue of $593.16 million during the quarter, compared to the consensus estimate of $591.99 million. Graco had a return on equity of 19.49% and a net margin of 23.33%.The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. As a group, equities analysts predict that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 4th. Stockholders of record on Monday, January 19th will be issued a $0.295 dividend. This is an increase from Graco’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, January 16th. Graco’s dividend payout ratio is currently 38.19%.

Graco declared that its board has authorized a share repurchase plan on Friday, December 5th that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Graco Company Profile

Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco’s solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.

The company’s product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.