7,446 Shares in Graco Inc. (GGG) Acquired by Convergence Investment Partners LLC
Convergence Investment Partners LLC purchased a new position in Graco Inc. (NYSE:GGG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,446 shares of the industrial products company’s stock, valued at approximately $921,000.
Several other large investors have also added to or reduced their stakes in GGG. Advisors Asset Management Inc. lifted its holdings in shares of Graco by 106.1% in the second quarter. Advisors Asset Management Inc. now owns 1,123 shares of the industrial products company’s stock valued at $123,000 after buying an additional 578 shares during the period. Acrospire Investment Management LLC lifted its holdings in shares of Graco by 200.0% in the second quarter. Acrospire Investment Management LLC now owns 1,200 shares of the industrial products company’s stock valued at $131,000 after buying an additional 800 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Graco in the second quarter valued at $180,000. Ballentine Partners LLC acquired a new stake in shares of Graco in the third quarter valued at $210,000. Finally, Boston Private Wealth LLC acquired a new stake in shares of Graco in the third quarter valued at $210,000. 86.27% of the stock is owned by institutional investors.
Several analysts have recently weighed in on GGG shares. SunTrust Banks restated a “hold” rating and issued a $128.00 price objective on shares of Graco in a report on Friday, October 27th. Robert W. Baird restated a “hold” rating and issued a $135.00 price objective on shares of Graco in a report on Friday, October 27th. KeyCorp restated a “hold” rating on shares of Graco in a report on Friday, October 20th. BidaskClub lowered Graco from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Finally, Zacks Investment Research lowered Graco from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Twelve equities research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average target price of $116.75.
Shares of Graco Inc. (GGG) traded up $1.08 during midday trading on Thursday, hitting $128.62. The stock had a trading volume of 239,800 shares, compared to its average volume of 276,598. Graco Inc. has a twelve month low of $82.39 and a twelve month high of $134.11. The stock has a market capitalization of $7,220.00, a P/E ratio of 27.85, a price-to-earnings-growth ratio of 2.79 and a beta of 1.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.46 and a current ratio of 2.23.
Graco (NYSE:GGG) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.06 by $0.09. Graco had a return on equity of 42.05% and a net margin of 7.72%. The business had revenue of $379.81 million during the quarter, compared to the consensus estimate of $356.30 million. During the same period in the prior year, the business posted $0.95 earnings per share. Graco’s revenue was up 16.1% compared to the same quarter last year. research analysts anticipate that Graco Inc. will post 4.36 earnings per share for the current fiscal year.
In related news, Director Eric Etchart sold 757 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $119.20, for a total value of $90,234.40. Following the completion of the sale, the director now directly owns 12,464 shares of the company’s stock, valued at approximately $1,485,708.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David M. Lowe sold 30,000 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $115.50, for a total value of $3,465,000.00. Following the completion of the sale, the insider now directly owns 164,809 shares of the company’s stock, valued at $19,035,439.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 734,018 shares of company stock valued at $19,672,731. 5.70% of the stock is currently owned by company insiders.
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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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