Canoe Financial LP decreased its stake in Graco Inc. (NYSE:GGG - Free Report) by 78.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 139,471 shares of the industrial products company's stock after selling 502,681 shares during the period. Canoe Financial LP owned about 0.08% of Graco worth $12,223,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in GGG. Gradient Investments LLC bought a new stake in Graco in the 2nd quarter worth $27,000. New Covenant Trust Company N.A. bought a new position in Graco in the 1st quarter valued at approximately $43,000. UMB Bank n.a. boosted its position in shares of Graco by 187.8% during the third quarter. UMB Bank n.a. now owns 495 shares of the industrial products company's stock valued at $43,000 after buying an additional 323 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Graco by 220.9% during the 2nd quarter. Blue Trust Inc. now owns 690 shares of the industrial products company's stock valued at $55,000 after acquiring an additional 475 shares during the last quarter. Finally, Tobam boosted its holdings in 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. Hedge funds and other institutional investors own 93.88% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the company. Robert W. Baird cut their price target on Graco from $88.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday. DA Davidson reissued a "neutral" rating and set a $79.00 price target on shares of Graco in a report on Friday, September 27th. Finally, Royal Bank of Canada lowered their target price on shares of Graco from $96.00 to $93.00 and set an "outperform" rating on the stock in a report on Friday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $89.25.
Check Out Our Latest Analysis on Graco
Graco Stock Performance
NYSE:GGG traded down $0.69 during trading hours on Monday, reaching $81.45. The company's stock had a trading volume of 731,649 shares, compared to its average volume of 730,744. The company has a market capitalization of $13.78 billion, a P/E ratio of 28.09, a price-to-earnings-growth ratio of 2.82 and a beta of 0.81. The stock has a 50 day moving average price of $83.94 and a two-hundred day moving average price of $82.51. Graco Inc. has a 12 month low of $73.03 and a 12 month high of $94.77.
Graco (NYSE:GGG - Get Free Report) last released its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.05). Graco had a return on equity of 22.40% and a net margin of 23.16%. The company had revenue of $519.21 million during the quarter, compared to analyst estimates of $538.19 million. During the same quarter last year, the business earned $0.76 earnings per share. The firm's revenue for the quarter was down 3.8% on a year-over-year basis. As a group, analysts predict that Graco Inc. will post 2.98 EPS for the current fiscal year.
Graco Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Monday, October 21st will be issued a $0.255 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.02 dividend on an annualized basis and a yield of 1.25%. Graco's payout ratio is 35.17%.
Graco Company Profile
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Free Report)
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.
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