Graco Inc. (NYSE:GGG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial settings. Based in Minneapolis, Minnesota, Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. It designs, manu-factures and markets systems and equipment to move, measure, control, dispense and apply fluid materials. The Company helps customers solve difficult manufacturing problems, increase productivity, improve quality, conserve energy, and save expensive materials. “
GGG has been the subject of several other research reports. William Blair cut shares of Graco from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $89.00 to $78.00 in a research note on Thursday, July 21st. Deutsche Bank AG started coverage on shares of Graco in a research note on Tuesday, September 6th. They issued a “hold” rating and a $83.00 price target for the company. One analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $83.75.
Graco (NYSE:GGG) opened at 71.09 on Wednesday. The firm has a 50-day moving average of $73.58 and a 200 day moving average of $77.65. Graco has a 12-month low of $63.05 and a 12-month high of $86.62. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 20.95 and a beta of 1.51.
Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $1.00 by $0.11. Graco had a net margin of 15.01% and a return on equity of 30.04%. The firm earned $348.10 million during the quarter, compared to analysts’ expectations of $352.49 million. During the same period last year, the company earned $1.05 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts predict that Graco will post $3.37 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.86%. Graco’s payout ratio is currently 38.94%.
In other Graco news, insider Patrick J. Mchale sold 11,500 shares of the stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $74.19, for a total transaction of $853,185.00. Following the sale, the insider now directly owns 142,230 shares in the company, valued at approximately $10,552,043.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 5.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Eagle Asset Management Inc. raised its stake in Graco by 1,761.5% in the third quarter. Eagle Asset Management Inc. now owns 337,858 shares of the company’s stock worth $25,001,000 after buying an additional 319,708 shares during the period. Creative Planning raised its stake in Graco by 4.4% in the third quarter. Creative Planning now owns 1,413 shares of the company’s stock worth $105,000 after buying an additional 59 shares during the period. Raymond James Trust N.A. raised its stake in Graco by 0.7% in the third quarter. Raymond James Trust N.A. now owns 2,894 shares of the company’s stock worth $214,000 after buying an additional 19 shares during the period. Oregon Public Employees Retirement Fund raised its stake in Graco by 2.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 19,873 shares of the company’s stock worth $1,471,000 after buying an additional 383 shares during the period. Finally, Carlson Capital Management raised its stake in Graco by 1.0% in the third quarter. Carlson Capital Management now owns 6,318 shares of the company’s stock worth $468,000 after buying an additional 60 shares during the period. Institutional investors own 90.60% of the company’s stock.
Graco Company Profile
Graco Inc (Graco) is a manufacturing company. The Company designs, manufactures and markets equipment to pump, meter, mix and dispense fluid and powder materials. The Company operates through three segments: Industrial, Process and Contractor. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids.