Graco Inc. (GGG) Shares Bought by Victory Capital Management Inc.
Victory Capital Management Inc. increased its position in Graco Inc. (NYSE:GGG) by 15.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 72,200 shares of the industrial products company’s stock after purchasing an additional 9,670 shares during the quarter. Victory Capital Management Inc.’s holdings in Graco were worth $3,265,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of GGG. Old Mutual Global Investors UK Ltd. grew its stake in Graco by 10.7% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 1,229,544 shares of the industrial products company’s stock valued at $56,214,000 after buying an additional 118,518 shares during the last quarter. TLP Group LLC acquired a new position in Graco in the 1st quarter valued at about $206,000. Hsbc Holdings PLC grew its stake in Graco by 34.9% in the 1st quarter. Hsbc Holdings PLC now owns 20,061 shares of the industrial products company’s stock valued at $919,000 after buying an additional 5,188 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Graco by 32.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 20,370 shares of the industrial products company’s stock valued at $921,000 after buying an additional 4,960 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in Graco by 15.0% in the 1st quarter. New York State Common Retirement Fund now owns 535,694 shares of the industrial products company’s stock valued at $24,492,000 after buying an additional 69,824 shares during the last quarter. 85.83% of the stock is currently owned by institutional investors.
GGG has been the topic of a number of research reports. ValuEngine upgraded shares of Graco from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. Royal Bank of Canada reiterated a “hold” rating and issued a $49.00 price target on shares of Graco in a research note on Friday, July 27th. Zacks Investment Research upgraded shares of Graco from a “hold” rating to a “strong-buy” rating and set a $51.00 price target on the stock in a research note on Wednesday, May 2nd. Oppenheimer reiterated a “hold” rating on shares of Graco in a research note on Wednesday. Finally, DA Davidson set a $49.00 price target on shares of Graco and gave the company a “hold” rating in a research note on Monday, August 20th. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $49.17.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, July 25th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). Graco had a return on equity of 40.67% and a net margin of 18.07%. The business had revenue of $424.60 million for the quarter, compared to analyst estimates of $421.19 million. During the same quarter in the previous year, the company earned $1.38 EPS. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. equities analysts expect that Graco Inc. will post 1.84 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Sunday, July 15th were given a dividend of $0.1325 per share. The ex-dividend date was Thursday, July 12th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.14%. Graco’s payout ratio is presently 37.06%.
Graco Company Profile
Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. Its Industrial segment offers proportioning systems that are used to spray polyurethane foam and polyurea coatings; vapor-abrasive blasting equipment; equipment that pumps, meters, mixes, and dispenses sealant, adhesive, and composite materials; and gel coat equipment, chop and wet-out systems, resin transfer molding systems, and applicators.
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