Graco’s (GGG) Neutral Rating Reiterated at DA Davidson

DA Davidson reaffirmed their neutral rating on shares of Graco (NYSE:GGG) in a report published on Monday,Benzinga reports. The brokerage currently has a $85.00 price objective on the industrial products company’s stock.

Other research analysts also recently issued research reports about the company. KeyCorp restated a “sector weight” rating on shares of Graco in a research note on Tuesday, January 27th. Royal Bank Of Canada lifted their price target on Graco from $97.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Robert W. Baird set a $96.00 price objective on Graco in a report on Wednesday, January 28th. Jefferies Financial Group raised their price objective on shares of Graco from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Graco in a research report on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $96.50.

Graco Stock Performance

Graco stock opened at $91.66 on Monday. The firm has a market cap of $15.20 billion, a PE ratio of 29.66, a P/E/G ratio of 2.79 and a beta of 1.08. The firm’s 50 day moving average price is $84.69 and its two-hundred day moving average price is $84.01. Graco has a twelve month low of $72.06 and a twelve month high of $91.80.

Graco (NYSE:GGG) last issued its earnings results on Monday, January 26th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.77. Graco had a net margin of 23.33% and a return on equity of 19.49%. The company had revenue of $593.16 million during the quarter, compared to analyst estimates of $591.99 million. During the same quarter last year, the business posted $0.64 EPS. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts anticipate that Graco will post 3.06 EPS for the current fiscal year.

Graco declared that its Board of Directors has approved a stock repurchase plan on Friday, December 5th that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Graco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 4th. Shareholders of record on Monday, January 19th were given a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, January 16th. This is an increase from Graco’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.3%. Graco’s dividend payout ratio (DPR) is currently 38.19%.

Insider Buying and Selling

In related news, EVP Kathryn L. Schoenrock sold 2,223 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $88.06, for a total value of $195,757.38. Following the transaction, the executive vice president directly owned 7,846 shares in the company, valued at approximately $690,918.76. This trade represents a 22.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director J Kevin Gilligan sold 12,870 shares of Graco stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $89.07, for a total transaction of $1,146,330.90. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On Graco

A number of institutional investors have recently made changes to their positions in the business. Root Financial Partners LLC bought a new stake in Graco during the 3rd quarter valued at approximately $29,000. NewSquare Capital LLC lifted its holdings in shares of Graco by 320.7% during the second quarter. NewSquare Capital LLC now owns 345 shares of the industrial products company’s stock worth $30,000 after buying an additional 263 shares during the last quarter. Assetmark Inc. boosted its position in shares of Graco by 42.6% in the third quarter. Assetmark Inc. now owns 465 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 139 shares during the period. CX Institutional grew its stake in shares of Graco by 316.7% in the third quarter. CX Institutional now owns 475 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 361 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position 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. 93.88% of the stock is currently owned by institutional investors.

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.