HL Financial Services LLC Raises Position in Graco Inc. (GGG)
HL Financial Services LLC raised its stake in shares of Graco Inc. (NYSE:GGG) by 10.8% during the second quarter, Holdings Channel reports. The fund owned 31,633 shares of the company’s stock after buying an additional 3,088 shares during the period. HL Financial Services LLC’s holdings in Graco were worth $2,499,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Creative Planning raised its position in Graco by 13.9% in the second quarter. Creative Planning now owns 1,354 shares of the company’s stock valued at $107,000 after buying an additional 165 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its position in Graco by 0.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,584 shares of the company’s stock valued at $135,000 after buying an additional 12 shares during the period. Park National Corp OH raised its position in Graco by 0.4% in the second quarter. Park National Corp OH now owns 2,733 shares of the company’s stock valued at $216,000 after buying an additional 11 shares during the period. First Republic Investment Management Inc. purchased a new position in Graco during the first quarter valued at $245,000. Finally, Raymond James Trust N.A. raised its position in Graco by 7.5% in the first quarter. Raymond James Trust N.A. now owns 3,061 shares of the company’s stock valued at $257,000 after buying an additional 214 shares during the period. Institutional investors and hedge funds own 90.60% of the company’s stock.
Graco Inc. (NYSE:GGG) traded up 1.18% during midday trading on Wednesday, hitting $74.02. 175,643 shares of the stock were exchanged. The firm has a 50-day moving average price of $73.97 and a 200-day moving average price of $78.62. The stock has a market cap of $4.12 billion, a P/E ratio of 21.82 and a beta of 1.54. Graco Inc. has a one year low of $63.05 and a one year high of $86.62.
Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.11. Graco had a return on equity of 30.04% and a net margin of 15.01%. The company had revenue of $348.10 million for the quarter, compared to analyst estimates of $352.49 million. During the same period in the prior year, the business earned $1.05 earnings per share. Graco’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts anticipate that Graco Inc. will post $3.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Thursday, October 13th. Graco’s dividend payout ratio is presently 38.94%.
Several research firms have recently weighed in on GGG. Zacks Investment Research raised shares of Graco from a “sell” rating to a “hold” rating in a report on Tuesday. Deutsche Bank AG assumed coverage on shares of Graco in a report on Tuesday, September 6th. They issued a “hold” rating and a $83.00 price target for the company. William Blair lowered shares of Graco from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $89.00 to $78.00 in a report on Thursday, July 21st. Finally, KeyCorp assumed coverage on shares of Graco in a report on Wednesday, May 25th. They issued a “sector weight” rating for the company. Nine research analysts have rated the stock with a hold rating, Graco presently has an average rating of “Hold” and a consensus target price of $83.75.
In related news, insider Patrick J. Mchale sold 11,500 shares of the stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $74.19, for a total transaction of $853,185.00. Following the completion of the sale, the insider now directly owns 142,230 shares of the company’s stock, valued at $10,552,043.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.60% of the company’s stock.
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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