Bank of Montreal Can Buys New Position in Graco Inc. (GGG)
Bank of Montreal Can purchased a new position in shares of Graco Inc. (NYSE:GGG) during the second quarter, Holdings Channel reports. The firm purchased 59,962 shares of the company’s stock, valued at approximately $4,737,000.
Other hedge funds have also recently made changes to their positions in the company. Creative Planning raised its stake in shares of Graco by 13.9% in the second quarter. Creative Planning now owns 1,354 shares of the company’s stock worth $107,000 after buying an additional 165 shares during the last quarter. Park National Corp OH raised its stake in shares of Graco by 0.4% in the second quarter. Park National Corp OH now owns 2,733 shares of the company’s stock worth $216,000 after buying an additional 11 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Graco by 73.9% in the second quarter. LS Investment Advisors LLC now owns 3,447 shares of the company’s stock worth $272,000 after buying an additional 1,465 shares during the last quarter. Capstone Asset Management Co. raised its stake in shares of Graco by 2.0% in the second quarter. Capstone Asset Management Co. now owns 5,686 shares of the company’s stock worth $449,000 after buying an additional 110 shares during the last quarter. Finally, Leavell Investment Management Inc. raised its stake in shares of Graco by 10.0% in the second quarter. Leavell Investment Management Inc. now owns 7,700 shares of the company’s stock worth $608,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Shares of Graco Inc. (NYSE:GGG) traded up 0.43% during trading on Wednesday, hitting $70.40. The stock had a trading volume of 370,844 shares. The stock’s 50 day moving average price is $73.84 and its 200-day moving average price is $77.75. The stock has a market cap of $3.92 billion, a P/E ratio of 20.75 and a beta of 1.51. Graco Inc. has a one year low of $63.05 and a one year high of $86.62.
Graco (NYSE:GGG) last posted its earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.11. Graco had a net margin of 15.01% and a return on equity of 30.04%. The company earned $348.10 million during the quarter, compared to analyst estimates of $352.49 million. During the same quarter last year, the business posted $1.05 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts expect that Graco Inc. will post $3.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.32 annualized dividend and a yield of 1.88%. Graco’s dividend payout ratio (DPR) is presently 38.94%.
A number of analysts recently issued reports on GGG shares. Zacks Investment Research upgraded Graco from a “sell” rating to a “hold” rating in a report on Wednesday, June 22nd. Deutsche Bank AG initiated coverage on Graco in a report on Tuesday, September 6th. They issued a “hold” rating and a $83.00 price target for the company. Finally, William Blair lowered Graco from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $89.00 to $78.00 in a report on Thursday, July 21st. Nine equities research analysts have rated the stock with a hold rating, Graco has a consensus rating of “Hold” and an average price target of $83.75.
In related 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 value of $853,185.00. Following the completion of the sale, the insider now owns 142,230 shares in the company, valued at approximately $10,552,043.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.60% of the stock is currently owned by corporate insiders.
Graco Company Profile
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.
Want to see what other hedge funds are holding GGG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Graco Inc. (NYSE:GGG).
Receive News & Ratings for Graco Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Graco Inc. and related companies with MarketBeat.com's FREE daily email newsletter.