Graco (NYSE:GGG) PT Lowered to $93.00 at Royal Bank of Canada

Graco (NYSE:GGG - Get Free Report) had its price target lowered by research analysts at Royal Bank of Canada from $96.00 to $93.00 in a report issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the industrial products company's stock. Royal Bank of Canada's price objective would indicate a potential upside of 13.23% from the company's previous close.

GGG has been the topic of several other research reports. Robert W. Baird cut their price target on Graco from $88.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday. DA Davidson reissued a "neutral" rating and set a $79.00 target price on shares of Graco in a research report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Graco presently has a consensus rating of "Hold" and a consensus target price of $89.25.

Graco Stock Performance

Shares of NYSE GGG traded down $0.20 during midday trading on Friday, reaching $82.14. The stock had a trading volume of 689,208 shares, compared to its average volume of 730,740. Graco has a twelve month low of $70.80 and a twelve month high of $94.77. The company's 50 day moving average price is $83.90 and its 200 day moving average price is $82.79. The firm has a market cap of $13.89 billion, a price-to-earnings ratio of 28.34, a price-to-earnings-growth ratio of 2.88 and a beta of 0.81.

Graco (NYSE:GGG - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.05). The business had revenue of $519.21 million during the quarter, compared to analyst estimates of $538.19 million. Graco had a net margin of 23.16% and a return on equity of 22.40%. Graco's quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.76 earnings per share. Equities analysts forecast that Graco will post 2.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Graco

A number of hedge funds have recently bought and sold shares of GGG. Gradient Investments LLC purchased a new position in shares of Graco in the 2nd quarter worth about $27,000. New Covenant Trust Company N.A. bought a new stake in shares of Graco during the first quarter valued at about $43,000. UMB Bank n.a. increased its position in shares of Graco by 187.8% in the third quarter. UMB Bank n.a. now owns 495 shares of the industrial products company's stock worth $43,000 after purchasing an additional 323 shares during the last quarter. Blue Trust Inc. increased its position in shares of Graco by 220.9% in the second quarter. Blue Trust Inc. now owns 690 shares of the industrial products company's stock worth $55,000 after purchasing an additional 475 shares during the last quarter. Finally, Tobam increased its position in shares of Graco by 90.2% in the first quarter. Tobam now owns 601 shares of the industrial products company's stock worth $56,000 after purchasing an additional 285 shares during the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

About Graco

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.