Bank of Nova Scotia Invests $2.50 Million in Graco Inc. $GGG

Bank of Nova Scotia purchased a new stake in shares of Graco Inc. (NYSE:GGG) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 32,999 shares of the industrial products company’s stock, valued at approximately $2,495,000.

Other large investors also recently bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Graco during the 1st quarter worth approximately $26,000. Whipplewood Advisors LLC lifted its stake in shares of Graco by 2,650.0% in the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 318 shares during the period. Essential Partners LLC boosted its holdings in Graco by 78.6% during the first quarter. Essential Partners LLC now owns 359 shares of the industrial products company’s stock worth $30,000 after buying an additional 158 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in Graco by 2,540.0% during the second quarter. Elevation Wealth Partners LLC now owns 528 shares of the industrial products company’s stock worth $40,000 after buying an additional 508 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock valued at $42,000 after buying an additional 452 shares during the period. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Stock Up 1.1%

GGG opened at $79.58 on Thursday. The company has a market cap of $12.89 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 2.42 and a beta of 0.92. Graco Inc. has a twelve month low of $72.51 and a twelve month high of $95.69. The company has a 50-day moving average price of $78.02 and a 200 day moving average price of $81.74.

Graco (NYSE:GGG) last posted its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.10. Graco had a return on equity of 19.54% and a net margin of 23.53%.The company had revenue of $590.55 million for the quarter, compared to analysts’ expectations of $608.06 million. During the same period in the previous year, the firm posted $0.75 EPS. Graco’s revenue was up 3.3% compared to the same quarter last year. As a group, sell-side analysts expect that Graco Inc. will post 3.26 earnings per share for the current year.

Graco Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Graco from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Friday, July 24th. DA Davidson restated a “neutral” rating and set a $85.00 target price on shares of Graco in a research report on Monday, July 27th. Weiss Ratings upgraded 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 report on Friday, July 24th. Finally, Wolfe Research cut Graco from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $95.00.

Graco Profile

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.