Prospera Financial Services Inc. sold Graco Inc. in the first quarter. (NYSE: GGG – Get Rating), according to its most recent filing on Form 13F with the Securities and Exchange Commission (SEC). The institutional investor purchased 422 shares of Industrial Products Company stock for approximately $29,000.
Other hedge funds and other institutional investors have also bought and sold shares in the company. Rockefeller Capital Management LP increased its stake in Graco to 400.0% in the fourth quarter. After purchasing an additional 284 shares in the previous quarter, Rockefeller Capital Management LP now owns 355 shares of Industrial Products Company for $27,000. Allworth Financial LP increased its stake in Graco to 804.3% in the first quarter. After purchasing an additional 378 shares last quarter, Allworth Financial LP now owns 425 shares of Industrial Products Company, valued at $30,000. Dunker Street & Company Inc. increased its stake in Graco to 51.7% in the fourth quarter. Dunker Street & Company Inc. now owns 408 shares of Industrial Products Company valued at $33,000 after purchasing an additional 139 shares last quarter. Artemis Wealth Advisors LLC acquired a new interest in Graco stock valued at approximately $35,000 during the first quarter. Finally, during the fourth quarter, Okabena Investment Services Inc. acquired a new interest in Graco’s stock valued at approximately $44,000. Hedge funds and other institutional investors own 84.53% of the company’s shares.
Graco stock up 0.1%
Shares of GGG opened at $68.64 on Friday. The company’s current ratio is 3.01, a quick ratio is 1.95 and leverage is 0.04. Graco Inc. 12-month low of $56.48 and 12-month high of $81.09. The company’s 50-day moving average is $61.76 and its 200-day moving average is $65.59. The stock has a market cap of $11.61 billion, a P/E of 27.02, a PEG ratio of 3.23, and a beta of 0.78.
Graco (NYSE: GGG – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The industrial products company reported earnings of $0.68 per share for the quarter, beating analysts’ consensus estimate of $0.67 by $0.01. Graco’s net margin was 21.38% and return on equity was 25.73%. Company revenue for the quarter was $548.55 million compared to analyst expectations of $533.49 million. The company earned $0.62 per share in the same quarter last year. The company’s revenue for the quarter rose 8.2% year over year. Research analysts expect Graco Inc. earnings per share of 2.59 for the current fiscal year.
Graco Dividend Declaration
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 8th. A dividend of $0.21 per share was paid to shareholders of record on Monday, July 18. The ex-dividend date was Friday July 15th. That equates to an annual dividend of $0.84 and a dividend yield of 1.22%. Graco’s payout ratio is currently 33.07%.
Insiders place their bets
In other news, Director Eric Atchart sold 6,000 shares of Graco on Tuesday, June 14th. The stock sold at an average price of $58.64 for a total transaction of $351,840.00. Upon completion of the transaction, the Director now owns 31,403 shares of the Company, valued at approximately $1,841,471.92. The transaction was disclosed in a filing with the Securities and Exchange Commission available at this link. Insiders own 3.52% of the company’s stock.
Analyst upgrades and downgrades
Several analysts have rated the shares of GGG. Morgan Stanley lowered its price target on Graco shares to $70.00 from $80.00 in a research report Thursday, June 9, giving the stock an “equal weight” rating. StockNews.com downgraded Graco stock from a “buy” rating to a “hold” rating in a report Tuesday, May 3. Robert W. Baird downgraded Graco stock from an Outperform rating to a Neutral rating and set a $61.00 target price for the company. In a research note on Thursday, July 14th. Finally, DA Davidson lowered its price target on Graco shares to $70.00 in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and two have rated the company’s stock with a buy. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $71.00.
Graco Company Profile
Graco Inc. designs, manufactures, and markets systems and equipment for moving, measuring, controlling, metering, and atomizing liquid and powder materials worldwide. The company’s industrial division offers proportional systems for spraying polyurethane foam and polyurea coatings; equipment for pumping, metering, mixing and dispensing sealants, adhesives and composite materials; and gelcoat equipment, cutting and weighing systems, resin transfer molding systems and applicators, and precision dispensing solutions.
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