Graco Inc. (GGG) Holdings Lifted by State of Tennessee Treasury Department
State of Tennessee Treasury Department grew its position in Graco Inc. (NYSE:GGG) by 63.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 65,500 shares of the industrial products company’s stock after buying an additional 25,500 shares during the period. State of Tennessee Treasury Department owned approximately 0.12% of Graco worth $8,102,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. OppenheimerFunds Inc. raised its holdings in shares of Graco by 8.3% during the first quarter. OppenheimerFunds Inc. now owns 3,533 shares of the industrial products company’s stock valued at $333,000 after purchasing an additional 271 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Graco during the first quarter valued at approximately $206,000. Teachers Advisors LLC raised its holdings in shares of Graco by 5.2% during the first quarter. Teachers Advisors LLC now owns 61,199 shares of the industrial products company’s stock valued at $5,761,000 after purchasing an additional 3,010 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Graco by 6.9% during the first quarter. Dimensional Fund Advisors LP now owns 370,797 shares of the industrial products company’s stock valued at $34,906,000 after purchasing an additional 23,882 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Graco by 12.3% during the first quarter. Morgan Stanley now owns 148,597 shares of the industrial products company’s stock valued at $13,989,000 after purchasing an additional 16,224 shares during the last quarter. 86.81% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. B. Riley reissued a “neutral” rating on shares of Graco in a report on Wednesday, November 1st. Zacks Investment Research cut shares of Graco from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. SunTrust Banks, Inc. reissued a “hold” rating and set a $128.00 price objective on shares of Graco in a report on Friday, October 27th. Robert W. Baird reissued a “hold” rating and set a $135.00 price objective on shares of Graco in a report on Friday, October 27th. Finally, FBR & Co set a $140.00 price objective on shares of Graco and gave the company a “hold” rating in a 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 price target of $116.75.
Shares of Graco Inc. (NYSE GGG) opened at $130.17 on Friday. Graco Inc. has a twelve month low of $78.60 and a twelve month high of $134.11. The company has a market cap of $7,306.44, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. The company has a current ratio of 2.23, a quick ratio of 1.46 and a debt-to-equity ratio of 0.31.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $1.15 EPS for the quarter, beating the Zacks’ 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 business had revenue of $379.81 million during the quarter, compared to analysts’ expectations of $356.30 million. During the same period in the prior year, the company earned $0.95 earnings per share. The firm’s revenue was up 16.1% on a year-over-year basis. equities research analysts predict that Graco Inc. will post 4.36 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Monday, October 16th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, October 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.11%. Graco’s dividend payout ratio is currently 75.79%.
In other Graco news, Director Lee R. Mitau sold 8,600 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $131.18, for a total transaction of $1,128,148.00. Following the completion of the sale, the director now directly owns 67,404 shares of the company’s stock, valued at $8,842,056.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David M. Lowe sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $115.50, for a total transaction of $3,465,000.00. Following the sale, the insider now directly owns 164,809 shares of the company’s stock, valued at $19,035,439.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 671,116 shares of company stock valued at $11,481,627. 5.70% of the stock is owned by corporate insiders.
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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