Louisiana State Employees Retirement System Acquires 27,600 Shares of Graco Inc. (GGG)
Louisiana State Employees Retirement System raised its holdings in shares of Graco Inc. (NYSE:GGG) by 184.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 42,600 shares of the industrial products company’s stock after acquiring an additional 27,600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Graco were worth $1,926,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Ballentine Partners LLC purchased a new stake in shares of Graco during the third quarter valued at approximately $210,000. Boston Private Wealth LLC purchased a new stake in shares of Graco during the third quarter valued at approximately $210,000. Janney Montgomery Scott LLC purchased a new stake in shares of Graco during the third quarter valued at approximately $223,000. CIBC Asset Management Inc purchased a new stake in shares of Graco during the third quarter valued at approximately $234,000. Finally, Parallax Volatility Advisers L.P. raised its stake in shares of Graco by 127.0% during the second quarter. Parallax Volatility Advisers L.P. now owns 1,918 shares of the industrial products company’s stock valued at $210,000 after purchasing an additional 1,073 shares during the period. 29.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Graco Inc. (GGG) opened at $47.06 on Friday. The company has a quick ratio of 1.46, a current ratio of 2.23 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7,942.96, a price-to-earnings ratio of 74.31, a P/E/G ratio of 2.86 and a beta of 1.23. Graco Inc. has a 12 month low of $28.60 and a 12 month high of $47.72.
Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. The business had revenue of $379.81 million during the quarter, compared to analyst estimates of $356.30 million. Graco had a net margin of 7.72% and a return on equity of 42.05%. The business’s revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. analysts expect that Graco Inc. will post 1.45 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 7th. Investors of record on Monday, January 22nd will be paid a $0.3975 dividend. This represents a $1.59 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Friday, January 19th. This is a positive change from Graco’s previous quarterly dividend of $0.36. Graco’s payout ratio is 75.79%.
In other Graco news, VP Mark W. Sheahan sold 30,000 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $131.31, for a total transaction of $3,939,300.00. Following the completion of the sale, the vice president now owns 49,538 shares in the company, valued at $6,504,834.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Caroline M. Chambers sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $131.56, for a total transaction of $1,315,600.00. Following the sale, the vice president now owns 15,191 shares of the company’s stock, valued at approximately $1,998,527.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 734,752 shares of company stock valued at $18,245,690. Insiders own 5.70% of the company’s stock.
A number of analysts have recently issued reports on the stock. Oppenheimer reiterated a “hold” rating on shares of Graco in a research note on Thursday, December 28th. Royal Bank of Canada reiterated a “hold” rating and set a $49.00 price objective on shares of Graco in a research note on Thursday, January 4th. B. Riley reiterated a “neutral” rating on shares of Graco in a research note on Wednesday, November 1st. Robert W. Baird reiterated a “hold” rating and set a $45.00 price objective on shares of Graco in a research note on Friday, October 27th. Finally, Zacks Investment Research upgraded shares of Graco from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. Thirteen equities research analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus target price of $41.67.
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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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