Trade Report: The Graco Inc. (GGG) Stake Increased by Principal Financial Group Inc.

The Graco Inc. (GGG) Stake Increased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Graco Inc. (NYSE:GGG) by 14.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 212,988 shares of the company’s stock after buying an additional 26,818 shares during the period. Principal Financial Group Inc. owned 0.38% of Graco worth $16,824,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. Emerald Acquisition Ltd. acquired a new stake in Graco during the second quarter valued at about $46,725,000. Norges Bank acquired a new stake in Graco during the fourth quarter valued at about $32,007,000. Ameriprise Financial Inc. boosted its stake in Graco by 217.5% in the second quarter. Ameriprise Financial Inc. now owns 593,279 shares of the company’s stock valued at $46,853,000 after buying an additional 406,405 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt boosted its stake in Graco by 23.2% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 905,800 shares of the company’s stock valued at $71,531,000 after buying an additional 170,800 shares during the last quarter. Finally, British Airways Pensions Investment Management Ltd boosted its stake in Graco by 99.8% in the second quarter. British Airways Pensions Investment Management Ltd now owns 183,670 shares of the company’s stock valued at $14,566,000 after buying an additional 91,760 shares during the last quarter. 90.60% of the stock is currently owned by institutional investors.

Graco Inc. (NYSE:GGG) traded up 0.71% during trading on Wednesday, hitting $74.08. 26,581 shares of the stock traded hands. The firm has a 50-day moving average price of $74.00 and a 200 day moving average price of $78.07. Graco Inc. has a 12 month low of $63.05 and a 12 month high of $86.62. The firm has a market cap of $4.12 billion, a PE ratio of 21.83 and a beta of 1.51.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, July 20th. The company reported $0.89 earnings per share (EPS) 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 company earned $348.10 million during the quarter, compared to analyst estimates of $352.49 million. During the same quarter in the previous year, the company posted $1.05 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that Graco Inc. will post $3.37 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, October 13th. Graco’s payout ratio is 38.94%.

Several analysts recently issued reports on GGG shares. William Blair cut Graco from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $89.00 to $78.00 in a research note on Thursday, July 21st. Deutsche Bank AG initiated coverage on Graco in a research report on Tuesday, September 6th. They set a “hold” rating and a $83.00 price objective on the stock. Finally, Zacks Investment Research raised Graco from a “sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. Nine investment analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and an average price target of $83.75.

In other news, insider Patrick J. Mchale sold 11,500 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $74.19, for a total value of $853,185.00. Following the completion of the transaction, the insider now owns 142,230 shares in the company, valued at approximately $10,552,043.70. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.60% of the stock is currently owned by insiders.

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