Graco (NYSE:GGG) Sets New 1-Year Low – Here’s Why

Graco Inc. (NYSE:GGG) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $73.14 and last traded at $73.3480, with a volume of 215147 shares traded. The stock had previously closed at $75.20.

Analysts Set New Price Targets

Several research analysts have commented on the stock. DA Davidson reissued a “neutral” rating and set a $85.00 price target on shares of Graco in a research note on Monday, April 27th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $95.00 target price on shares of Graco in a report on Friday, April 24th. Robert W. Baird decreased their target price on shares of Graco from $96.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded shares of Graco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Graco has an average rating of “Hold” and a consensus target price of $94.25.

Graco Stock Down 2.4%

The stock has a market cap of $12.18 billion, a P/E ratio of 23.88, a P/E/G ratio of 2.44 and a beta of 0.93. The company has a 50-day simple moving average of $76.05 and a two-hundred day simple moving average of $83.42.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, April 22nd. The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.09). Graco had a return on equity of 18.66% and a net margin of 22.96%.The firm had revenue of $540.14 million during the quarter, compared to the consensus estimate of $561.35 million. During the same quarter in the prior year, the business posted $0.70 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that Graco Inc. will post 3.1 earnings per share for the current fiscal year.

Graco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a $0.295 dividend. The ex-dividend date is Monday, July 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.6%. Graco’s payout ratio is presently 38.44%.

Insider Activity at Graco

In other news, Director Andrea Helen Simon acquired 1,240 shares of the stock in a transaction dated Monday, April 27th. The stock was purchased at an average cost of $80.53 per share, with a total value of $99,857.20. Following the completion of the purchase, the director owned 1,240 shares in the company, valued at approximately $99,857.20. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AE Wealth Management LLC boosted its stake in shares of Graco by 32.7% during the 4th quarter. AE Wealth Management LLC now owns 398,336 shares of the industrial products company’s stock valued at $32,652,000 after purchasing an additional 98,141 shares in the last quarter. Comerica Bank raised its stake in Graco by 54.1% in the fourth quarter. Comerica Bank now owns 172,328 shares of the industrial products company’s stock worth $14,126,000 after buying an additional 60,486 shares in the last quarter. Swiss Life Asset Management Ltd boosted its position in Graco by 40.5% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 45,544 shares of the industrial products company’s stock valued at $3,869,000 after acquiring an additional 13,130 shares in the last quarter. CWA Asset Management Group LLC bought a new stake in Graco during the 4th quarter valued at approximately $3,527,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Graco by 20,706.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,362 shares of the industrial products company’s stock worth $45,605,000 after acquiring an additional 553,688 shares during the period. Institutional investors own 93.88% of the company’s stock.

Graco Company Profile

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.