Bank of New York Mellon Corp Has $110 Million Position in Graco Inc. (GGG)
Bank of New York Mellon Corp lowered its holdings in Graco Inc. (NYSE:GGG) by 5.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 889,291 shares of the industrial products company’s stock after selling 47,339 shares during the period. Bank of New York Mellon Corp owned about 1.58% of Graco worth $109,996,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of GGG. Rhumbline Advisers raised its stake in Graco by 11.9% during the third quarter. Rhumbline Advisers now owns 132,807 shares of the industrial products company’s stock valued at $16,427,000 after buying an additional 14,130 shares in the last quarter. New York State Common Retirement Fund raised its stake in Graco by 1.7% during the third quarter. New York State Common Retirement Fund now owns 122,700 shares of the industrial products company’s stock valued at $15,177,000 after buying an additional 2,000 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in Graco during the third quarter valued at approximately $234,000. Ballentine Partners LLC acquired a new stake in Graco during the third quarter valued at approximately $210,000. Finally, Principal Financial Group Inc. raised its stake in Graco by 0.5% during the third quarter. Principal Financial Group Inc. now owns 241,492 shares of the industrial products company’s stock valued at $29,870,000 after buying an additional 1,241 shares in the last quarter. 86.67% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on GGG. B. Riley restated a “neutral” rating on shares of Graco in a research note on Wednesday, November 1st. Zacks Investment Research cut Graco from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. SunTrust Banks, Inc. reiterated a “hold” rating and set a $128.00 price target on shares of Graco in a research report on Friday, October 27th. Robert W. Baird reiterated a “hold” rating and set a $135.00 price target on shares of Graco in a research report on Friday, October 27th. Finally, FBR & Co set a $140.00 price target on Graco and gave the stock a “hold” rating in a research report on Thursday, October 26th. Eleven equities research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus target price of $116.75.
In related news, VP Caroline M. Chambers sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $131.56, for a total value of $1,315,600.00. Following the sale, the vice president now directly owns 15,191 shares in the company, valued at approximately $1,998,527.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Stolyarov sold 500,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $0.11, for a total value of $55,000.00. Insiders have sold a total of 734,018 shares of company stock worth $19,672,731 over the last quarter. Insiders own 5.70% of the company’s stock.
Shares of Graco Inc. (NYSE GGG) traded down $1.23 during trading on Friday, hitting $130.87. The stock had a trading volume of 184,400 shares, compared to its average volume of 278,308. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.23 and a quick ratio of 1.46. The firm has a market cap of $7,345.73, a PE ratio of 28.57, a price-to-earnings-growth ratio of 2.86 and a beta of 1.25. Graco Inc. has a fifty-two week low of $80.75 and a fifty-two week high of $134.11.
Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.09. The business had revenue of $379.81 million for the quarter, compared to analysts’ expectations of $356.30 million. Graco had a return on equity of 42.05% and a net margin of 7.72%. The business’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. research analysts forecast that Graco Inc. will post 4.36 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Monday, October 16th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, October 13th. Graco’s payout ratio is 75.79%.
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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