Wells Fargo & Company MN lowered its stake in Graco Inc. (NYSE:GGG) by 7.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 663,939 shares of the industrial products company’s stock after selling 53,499 shares during the period. Wells Fargo & Company MN owned 1.18% of Graco worth $82,120,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Prudential Financial Inc. grew its holdings in Graco by 19.0% during the 2nd quarter. Prudential Financial Inc. now owns 327,738 shares of the industrial products company’s stock worth $35,816,000 after acquiring an additional 52,346 shares during the period. BB&T Securities LLC grew its holdings in Graco by 0.5% during the 2nd quarter. BB&T Securities LLC now owns 6,930 shares of the industrial products company’s stock worth $757,000 after acquiring an additional 36 shares during the period. Cardinal Capital Management grew its holdings in Graco by 6.8% during the 3rd quarter. Cardinal Capital Management now owns 7,621 shares of the industrial products company’s stock worth $942,000 after acquiring an additional 488 shares during the period. JPMorgan Chase & Co. grew its holdings in Graco by 8.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 305,782 shares of the industrial products company’s stock worth $33,416,000 after acquiring an additional 23,718 shares during the period. Finally, Fiera Capital Corp grew its holdings 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. 86.27% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. B. Riley reaffirmed a “neutral” rating on shares of Graco in a report on Wednesday, November 1st. BidaskClub raised shares of Graco from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Robert W. Baird reaffirmed a “hold” rating and set a $135.00 target price on shares of Graco in a report on Friday, October 27th. KeyCorp reissued a “hold” rating on shares of Graco in a report on Friday, October 20th. Finally, FBR & Co set a $140.00 price target on shares of Graco and gave the company a “hold” rating in a report on Thursday, October 26th. Twelve equities research analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and a consensus target price of $116.75.
In related news, insider David M. Lowe sold 30,000 shares of the business’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 sale, the insider now directly owns 164,809 shares of the company’s stock, valued at approximately $19,035,439.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Caroline M. Chambers sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $131.56, for a total transaction of $1,315,600.00. Following the completion of the sale, the vice president now directly owns 15,191 shares in the company, valued at $1,998,527.96. The disclosure for this sale can be found here. Insiders sold a total of 734,018 shares of company stock valued at $19,672,731 in the last three months. 5.70% of the stock is owned by company insiders.
Shares of Graco Inc. (NYSE GGG) traded down $1.16 during mid-day trading on Wednesday, hitting $127.54. 307,300 shares of the stock traded hands, compared to its average volume of 276,755. Graco Inc. has a one year low of $82.23 and a one year high of $134.11. The firm has a market cap of $7,223.93, a price-to-earnings ratio of 28.10, a price-to-earnings-growth ratio of 2.81 and a beta of 1.23. The company has a quick ratio of 1.46, a current ratio of 2.23 and a debt-to-equity ratio of 0.31.
Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.09. Graco had a net margin of 7.72% and a return on equity of 42.05%. The company had revenue of $379.81 million during the quarter, compared to analyst estimates of $356.30 million. During the same quarter in the previous year, the business earned $0.95 EPS. The firm’s revenue was up 16.1% on a year-over-year basis. sell-side analysts predict that Graco Inc. will post 4.36 earnings per share for the current year.
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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