HL Financial Services LLC Decreases Stake in Graco Inc. (NYSE:GGG)
HL Financial Services LLC reduced its stake in Graco Inc. (NYSE:GGG) by 80.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,593 shares of the industrial products company’s stock after selling 27,669 shares during the period. HL Financial Services LLC’s holdings in Graco were worth $720,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of GGG. BlackRock Inc. raised its position in shares of Graco by 13,639.9% in the first quarter. BlackRock Inc. now owns 4,370,674 shares of the industrial products company’s stock valued at $411,455,000 after buying an additional 4,338,864 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Graco by 168.2% in the first quarter. Parametric Portfolio Associates LLC now owns 649,333 shares of the industrial products company’s stock valued at $61,128,000 after buying an additional 407,245 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Graco by 6.8% in the first quarter. Vanguard Group Inc. now owns 4,886,860 shares of the industrial products company’s stock valued at $460,049,000 after buying an additional 309,685 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Graco by 36.5% in the first quarter. Bank of New York Mellon Corp now owns 940,408 shares of the industrial products company’s stock valued at $88,531,000 after buying an additional 251,447 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Graco by 59.8% in the first quarter. Goldman Sachs Group Inc. now owns 652,883 shares of the industrial products company’s stock valued at $61,463,000 after buying an additional 244,321 shares during the last quarter. Institutional investors own 90.30% of the company’s stock.
Graco Inc. (NYSE:GGG) opened at 112.66 on Friday. The firm’s 50-day moving average price is $110.78 and its 200-day moving average price is $102.35. Graco Inc. has a 12 month low of $69.33 and a 12 month high of $116.75. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of 71.48 and a beta of 1.25.
Graco (NYSE:GGG) last announced its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.32. The firm had revenue of $379.50 million for the quarter, compared to analyst estimates of $369.36 million. Graco had a return on equity of 40.21% and a net margin of 6.50%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the company earned $0.89 EPS. Equities research analysts predict that Graco Inc. will post $4.52 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 2nd. Shareholders of record on Monday, July 17th were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.28%. Graco’s payout ratio is 92.90%.
A number of research analysts recently issued reports on the company. TheStreet upgraded Graco from a “c+” rating to a “b+” rating in a research report on Thursday, April 27th. Wolfe Research assumed coverage on Graco in a research report on Tuesday, July 11th. They set an “underperform” rating and a $100.00 price objective for the company. FBR & Co restated a “marketperform” rating on shares of Graco in a research report on Tuesday, July 11th. BidaskClub lowered Graco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, Royal Bank Of Canada restated a “hold” rating and set a $104.00 price objective on shares of Graco in a research report on Friday, April 28th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $106.20.
In other Graco news, VP Karen Park Gallivan sold 12,242 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total value of $1,407,830.00. Following the transaction, the vice president now directly owns 27,264 shares in the company, valued at approximately $3,135,360. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric Etchart sold 793 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $113.90, for a total value of $90,322.70. Following the completion of the transaction, the director now owns 11,224 shares in the company, valued at $1,278,413.60. The disclosure for this sale can be found here. Insiders sold a total of 129,021 shares of company stock worth $6,484,484 over the last quarter. Corporate insiders own 5.70% of the company’s stock.
Graco Company Profile
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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