Graco Inc. (GGG) Stake Boosted by Nationwide Fund Advisors
Nationwide Fund Advisors raised its stake in Graco Inc. (NYSE:GGG) by 8.1% during the second quarter, Holdings Channel reports. The fund owned 109,136 shares of the company’s stock after buying an additional 8,202 shares during the period. Nationwide Fund Advisors owned 0.20% of Graco worth $8,621,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Graco by 7.6% in the second quarter. JPMorgan Chase & Co. now owns 288,961 shares of the company’s stock valued at $22,824,000 after buying an additional 20,406 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Graco by 217.5% in the second quarter. Ameriprise Financial Inc. now owns 593,279 shares of the company’s stock valued at $46,853,000 after buying an additional 406,405 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Graco by 280.4% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 14,014 shares of the company’s stock valued at $1,107,000 after buying an additional 10,330 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Graco by 0.5% in the second quarter. PNC Financial Services Group Inc. now owns 102,572 shares of the company’s stock valued at $8,102,000 after buying an additional 510 shares during the last quarter. Finally, Princeton Alpha Management LP acquired a new stake in shares of Graco during the second quarter valued at $204,000. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Shares of Graco Inc. (NYSE:GGG) traded up 0.49% during mid-day trading on Wednesday, reaching $73.52. The company’s stock had a trading volume of 112,229 shares. The stock has a market cap of $4.09 billion, a P/E ratio of 21.67 and a beta of 1.54. Graco Inc. has a one year low of $63.05 and a one year high of $86.62. The stock has a 50 day moving average of $73.94 and a 200-day moving average of $78.66.
Graco (NYSE:GGG) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.11. Graco had a net margin of 15.01% and a return on equity of 30.04%. The business earned $348.10 million during the quarter, compared to analyst estimates of $352.49 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. On average, equities research analysts expect that Graco Inc. will post $3.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, October 13th. Graco’s dividend payout ratio is presently 38.94%.
GGG has been the topic of several research reports. William Blair downgraded Graco from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $89.00 to $78.00 in a report on Thursday, July 21st. Deutsche Bank AG initiated coverage on Graco in a report on Tuesday, September 6th. They set a “hold” rating and a $83.00 price objective on the stock. Zacks Investment Research upgraded Graco from a “sell” rating to a “hold” rating in a report on Wednesday, June 22nd. Finally, KeyCorp initiated coverage on Graco in a report on Wednesday, May 25th. They set a “sector weight” rating on the stock. Nine equities research analysts have rated the stock with a hold rating, Graco presently has a consensus rating of “Hold” and a consensus price target of $83.75.
In related news, insider Patrick J. Mchale sold 11,500 shares of the company’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $74.19, for a total value of $853,185.00. Following the transaction, the insider now directly owns 142,230 shares in the company, valued at $10,552,043.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.60% of the stock is owned by corporate insiders.
Graco Company Profile
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.
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