Corient Private Wealth LP Buys New Stake in Graco Inc. $GGG

Corient Private Wealth LP bought a new stake in Graco Inc. (NYSE:GGG) in the 2nd quarter, HoldingsChannel reports. The fund bought 29,758 shares of the industrial products company’s stock, valued at approximately $2,250,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Graco during the second quarter worth $1,396,470,000. State Street Corp lifted its holdings in shares of Graco by 3.2% during the 4th quarter. State Street Corp now owns 7,813,877 shares of the industrial products company’s stock valued at $640,503,000 after purchasing an additional 242,817 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Graco by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 4,652,241 shares of the industrial products company’s stock worth $380,642,000 after purchasing an additional 261,126 shares in the last quarter. Morgan Stanley boosted its position in shares of Graco by 5.4% in the 4th quarter. Morgan Stanley now owns 4,057,036 shares of the industrial products company’s stock worth $332,556,000 after purchasing an additional 206,949 shares in the last quarter. Finally, Amundi grew its stake in Graco by 2.6% during the 3rd quarter. Amundi now owns 2,076,887 shares of the industrial products company’s stock worth $176,016,000 after buying an additional 53,126 shares during the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. DA Davidson reaffirmed a “neutral” rating and set a $85.00 target price on shares of Graco in a research report on Monday, July 27th. Weiss Ratings raised Graco from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Royal Bank Of Canada upped their price objective on shares of Graco from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Wolfe Research lowered shares of Graco from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 9th. Finally, Robert W. Baird set a $94.00 target price on shares of Graco in a research note on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Graco has an average rating of “Hold” and an average target price of $95.00.

Graco Price Performance

Shares of GGG stock opened at $77.66 on Thursday. The firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 2.41 and a beta of 0.92. The business has a fifty day moving average of $78.30 and a 200 day moving average of $81.19. Graco Inc. has a 1 year low of $72.51 and a 1 year high of $95.69.

Graco (NYSE:GGG) last issued its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.10. The company had revenue of $590.55 million during the quarter, compared to analysts’ expectations of $608.06 million. Graco had a return on equity of 19.54% and a net margin of 23.53%.The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 EPS. As a group, equities research analysts expect that Graco Inc. will post 3.19 earnings per share for the current year.

Graco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, July 20th. Graco’s dividend payout ratio (DPR) is presently 37.11%.

Graco 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.