Graco Inc. $GGG Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC increased its stake in shares of Graco Inc. (NYSE:GGG) by 10.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,324,668 shares of the industrial products company’s stock after purchasing an additional 130,414 shares during the period. Hsbc Holdings PLC’s holdings in Graco were worth $100,157,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in shares of Graco by 15.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 330,409 shares of the industrial products company’s stock worth $27,592,000 after buying an additional 44,573 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Graco by 982.6% in the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 452 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Graco by 97.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,765 shares of the industrial products company’s stock worth $152,000 after acquiring an additional 870 shares during the last quarter. Marshall Wace LLP grew its position in shares of Graco by 559.5% during the second quarter. Marshall Wace LLP now owns 108,100 shares of the industrial products company’s stock worth $9,293,000 after acquiring an additional 91,708 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Graco by 4.2% in the 2nd quarter. Federated Hermes Inc. now owns 21,289 shares of the industrial products company’s stock valued at $1,830,000 after acquiring an additional 852 shares during the period. 93.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GGG. DA Davidson reiterated a “neutral” rating and set a $85.00 price target on shares of Graco in a research note on Monday, July 27th. Weiss Ratings upgraded shares of Graco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Robert W. Baird set a $94.00 price target on Graco in a research report on Friday, July 24th. Royal Bank Of Canada upped their price objective on Graco from $92.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, Wolfe Research cut Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $95.00.

Graco Stock Performance

Shares of Graco stock opened at $77.93 on Monday. The company has a market cap of $12.62 billion, a P/E ratio of 24.51, a PEG ratio of 2.44 and a beta of 0.92. Graco Inc. has a one year low of $72.51 and a one year high of $95.69. The firm has a fifty day moving average of $78.38 and a two-hundred day moving average of $80.96.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.10. Graco had a net margin of 23.53% and a return on equity of 19.54%. The business had revenue of $590.55 million for the quarter, compared to the consensus estimate of $608.06 million. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that Graco Inc. will post 3.19 earnings per share for the current year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $0.295 dividend. The ex-dividend date was Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a yield of 1.5%. Graco’s dividend payout ratio (DPR) is presently 37.11%.

About Graco

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.