Truist Financial Corp Cuts Stock Holdings in Graco Inc. (NYSE:GGG)

Truist Financial Corp cut its holdings in shares of Graco Inc. (NYSE:GGG - Free Report) by 52.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,335 shares of the industrial products company's stock after selling 10,241 shares during the period. Truist Financial Corp's holdings in Graco were worth $787,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in shares of Graco in the 4th quarter worth $25,000. Brooklyn Investment Group purchased a new position in Graco during the third quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new stake in Graco in the 4th quarter worth about $61,000. MilWealth Group LLC purchased a new stake in Graco in the 4th quarter valued at about $63,000. Finally, UMB Bank n.a. lifted its position in shares of Graco by 93.1% during the 4th quarter. UMB Bank n.a. now owns 956 shares of the industrial products company's stock worth $81,000 after buying an additional 461 shares in the last quarter. Institutional investors and hedge funds own 93.88% of the company's stock.

Wall Street Analyst Weigh In

GGG has been the subject of several recent analyst reports. BNP Paribas raised Graco from a "neutral" rating to an "outperform" rating and set a $105.00 target price for the company in a report on Thursday, December 19th. Royal Bank of Canada upped their price objective on Graco from $93.00 to $97.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Finally, DA Davidson set a $85.00 target price on Graco in a research note on Friday, January 31st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $93.00.

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Graco Stock Performance

NYSE:GGG traded up $2.28 during trading hours on Wednesday, reaching $85.62. The stock had a trading volume of 944,620 shares, compared to its average volume of 815,070. The stock has a market cap of $14.51 billion, a P/E ratio of 30.36, a price-to-earnings-growth ratio of 2.85 and a beta of 0.84. The stock has a 50 day simple moving average of $84.71 and a 200 day simple moving average of $85.30. Graco Inc. has a 12-month low of $77.49 and a 12-month high of $94.77.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The industrial products company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.13). Graco had a net margin of 23.00% and a return on equity of 19.38%. On average, equities analysts expect that Graco Inc. will post 3.06 earnings per share for the current fiscal year.

Graco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Monday, April 14th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, April 14th. This represents a $1.10 annualized dividend and a dividend yield of 1.28%. Graco's dividend payout ratio is currently 39.01%.

Graco Company Profile

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.