Graco Inc. $GGG Shares Sold by Royal Bank of Canada

Royal Bank of Canada decreased its holdings in shares of Graco Inc. (NYSE:GGG) by 9.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 355,828 shares of the industrial products company’s stock after selling 38,985 shares during the period. Royal Bank of Canada’s holdings in Graco were worth $30,122,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cassaday & Co Wealth Management LLC bought a new position in shares of Graco in the 1st quarter worth about $26,000. Whipplewood Advisors LLC grew its position in shares of Graco by 2,650.0% during the 1st quarter. Whipplewood Advisors LLC now owns 330 shares of the industrial products company’s stock valued at $28,000 after buying an additional 318 shares during the last quarter. Field & Main Bank bought a new stake in shares of Graco during the 4th quarter valued at about $41,000. Geneos Wealth Management Inc. raised its stake in Graco by 982.6% during the first quarter. Geneos Wealth Management Inc. now owns 498 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 452 shares during the period. Finally, Root Financial Partners LLC raised its stake in Graco by 43.2% during the first quarter. Root Financial Partners LLC now owns 504 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 152 shares during the period. 93.88% of the stock is owned by institutional investors and hedge funds.

Graco Stock Up 2.4%

Shares of NYSE:GGG opened at $82.21 on Wednesday. The company has a market cap of $13.31 billion, a PE ratio of 25.85, a P/E/G ratio of 2.49 and a beta of 0.92. The company’s 50-day moving average price is $75.78 and its 200 day moving average price is $82.43. Graco Inc. has a fifty-two week low of $72.51 and a fifty-two week high of $95.69.

Graco (NYSE:GGG) last posted its earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.10. Graco had a net margin of 23.53% and a return on equity of 19.54%. The firm had revenue of $590.55 million during the quarter, compared to analyst estimates of $608.06 million. During the same period in the previous year, the business posted $0.75 EPS. Graco’s revenue was up 3.3% on a year-over-year basis. As a group, equities analysts anticipate that Graco Inc. will post 3.22 EPS for the current year.

Graco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given a dividend of $0.295 per share. The ex-dividend date is Monday, July 20th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. Graco’s payout ratio is currently 37.11%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GGG shares. Robert W. Baird set a $94.00 target price on Graco in a research note on Friday, July 24th. DA Davidson reiterated a “neutral” rating and set a $85.00 price target on shares of Graco in a research report on Monday, July 27th. Weiss Ratings downgraded Graco from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. Wolfe Research lowered Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. Finally, Royal Bank Of Canada upped their price objective on Graco from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.00.

About Graco

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.