Graco Inc. (GGG) Holdings Raised by State Treasurer State of Michigan
State Treasurer State of Michigan raised its holdings in shares of Graco Inc. (NYSE:GGG) by 187.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,600 shares of the industrial products company’s stock after acquiring an additional 39,500 shares during the quarter. State Treasurer State of Michigan’s holdings in Graco were worth $2,740,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Confluence Investment Management LLC raised its holdings in Graco by 195.2% during the fourth quarter. Confluence Investment Management LLC now owns 2,347,351 shares of the industrial products company’s stock valued at $106,147,000 after acquiring an additional 1,552,175 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Graco by 207.1% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 952,411 shares of the industrial products company’s stock valued at $43,069,000 after acquiring an additional 642,322 shares during the period. Parametric Portfolio Associates LLC raised its holdings in Graco by 6.6% during the third quarter. Parametric Portfolio Associates LLC now owns 655,299 shares of the industrial products company’s stock valued at $81,054,000 after acquiring an additional 40,284 shares during the period. Ameriprise Financial Inc. raised its holdings in Graco by 5.1% during the third quarter. Ameriprise Financial Inc. now owns 626,628 shares of the industrial products company’s stock valued at $77,514,000 after acquiring an additional 30,413 shares during the period. Finally, Koch Industries Inc. bought a new stake in Graco during the second quarter valued at about $582,000. 32.29% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Caroline M. Chambers sold 10,000 shares of Graco stock in a transaction dated 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 of the company’s stock, valued at $1,998,527.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark D. Eberlein sold 5,902 shares of Graco stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $130.26, for a total value of $768,794.52. The disclosure for this sale can be found here. Insiders sold 97,652 shares of company stock worth $8,312,792 over the last ninety days. Insiders own 5.70% of the company’s stock.
Graco (NYSE:GGG) last issued its earnings results on Monday, January 29th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.02). Graco had a return on equity of 40.08% and a net margin of 17.12%. The firm had revenue of $374.90 million during the quarter, compared to the consensus estimate of $369.53 million. During the same period last year, the firm posted $1.00 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. research analysts anticipate that Graco Inc. will post 1.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 7th. Stockholders of record on Monday, January 22nd were issued a $0.3975 dividend. This represents a $1.59 annualized dividend and a dividend yield of 3.81%. This is a boost from Graco’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, January 19th. Graco’s payout ratio is 36.47%.
A number of equities research analysts have commented on GGG shares. Royal Bank of Canada reissued a “hold” rating and set a $49.00 price target on shares of Graco in a report on Thursday, January 4th. Oppenheimer reissued a “hold” rating on shares of Graco in a report on Thursday, December 28th. FBR & Co set a $46.67 price target on Graco and gave the company a “hold” rating in a report on Thursday, October 26th. SunTrust Banks reissued a “hold” rating and set a $42.67 price target on shares of Graco in a report on Friday, October 27th. Finally, Zacks Investment Research cut Graco from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Ten investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $47.33.
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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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