HL Financial Services LLC Raises Position in Graco Inc. (GGG)
HL Financial Services LLC raised its position in shares of Graco Inc. (NYSE:GGG) by 10.8% during the second quarter, Holdings Channel reports. The institutional investor owned 31,633 shares of the company’s stock after buying an additional 3,088 shares during the period. HL Financial Services LLC owned approximately 0.06% of Graco worth $2,499,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in GGG. Norges Bank acquired a new stake in shares of Graco during the fourth quarter worth approximately $32,007,000. Alecta Pensionsforsakring Omsesidigt boosted its stake in shares of Graco by 23.2% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 905,800 shares of the company’s stock worth $71,531,000 after buying an additional 170,800 shares in the last quarter. Nicholas Investment Partners LP acquired a new stake in shares of Graco during the first quarter worth approximately $6,811,000. Prudential Financial Inc. boosted its stake in shares of Graco by 179.5% in the first quarter. Prudential Financial Inc. now owns 96,506 shares of the company’s stock worth $8,103,000 after buying an additional 61,975 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Graco during the second quarter worth approximately $4,737,000. 90.60% of the stock is owned by institutional investors and hedge funds.
Shares of Graco Inc. (NYSE:GGG) traded up 1.18% during trading on Wednesday, hitting $74.02. 175,643 shares of the company were exchanged. The firm has a market capitalization of $4.12 billion, a PE ratio of 21.82 and a beta of 1.54. Graco Inc. has a 12 month low of $63.05 and a 12 month high of $86.62. The firm’s 50-day moving average price is $73.97 and its 200 day moving average price is $78.62.
Graco (NYSE:GGG) last released its earnings results on Wednesday, July 20th. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.11. The company earned $348.10 million during the quarter, compared to analyst estimates of $352.49 million. Graco had a return on equity of 30.04% and a net margin of 15.01%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $1.05 earnings per share. On average, equities research analysts expect that Graco Inc. will post $3.37 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.78%. The ex-dividend date is Thursday, October 13th. Graco’s payout ratio is 38.94%.
GGG has been the subject of a number of research reports. William Blair cut shares of Graco from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $89.00 to $78.00 in a report on Thursday, July 21st. Deutsche Bank AG began coverage on shares of Graco in a research note on Tuesday, September 6th. They issued a “hold” rating and a $83.00 price objective for the company. Zacks Investment Research raised shares of Graco from a “sell” rating to a “hold” rating in a research note on Wednesday, June 22nd. Finally, KeyCorp began coverage on shares of Graco in a research note on Wednesday, May 25th. They issued a “sector weight” rating for the company. Nine investment analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and an average target price of $83.75.
In other Graco news, insider Patrick J. Mchale sold 11,500 shares of Graco stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $74.19, for a total transaction of $853,185.00. Following the completion of the sale, the insider now directly owns 142,230 shares in the company, valued at approximately $10,552,043.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.60% of the company’s stock.
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.
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