BlackRock Inc. Buys 517,850 Shares of Graco Inc. (NYSE:GGG)

BlackRock Inc. increased its stake in Graco Inc. (NYSE:GGG) by 3.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,382,636 shares of the industrial products company’s stock after acquiring an additional 517,850 shares during the period. BlackRock Inc. owned about 9.22% of Graco worth $771,901,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CSat Investment Advisory L.P. bought a new stake in shares of Graco in the 2nd quarter valued at about $25,000. Krane Funds Advisors LLC bought a new stake in shares of Graco in the 2nd quarter valued at about $25,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Graco in the 2nd quarter valued at about $40,000. Kavar Capital Partners LLC bought a new stake in shares of Graco in the 2nd quarter valued at about $43,000. Finally, NumerixS Investment Technologies Inc bought a new position in Graco during the 2nd quarter valued at approximately $65,000. 84.25% of the stock is owned by institutional investors.

In other news, Director William J. Carroll sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $46.53, for a total value of $279,180.00. Following the completion of the transaction, the director now owns 49,984 shares of the company’s stock, valued at approximately $2,325,755.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Caroline M. Chambers sold 20,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $46.39, for a total value of $927,800.00. Following the completion of the transaction, the executive vice president now directly owns 42,497 shares of the company’s stock, valued at approximately $1,971,435.83. The disclosure for this sale can be found here. 4.23% of the stock is currently owned by corporate insiders.

A number of research analysts have commented on GGG shares. Royal Bank of Canada set a $46.00 price target on Graco and gave the company a “hold” rating in a research report on Friday, October 25th. Robert W. Baird set a $50.00 price target on Graco and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, ValuEngine lowered Graco from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $47.75.

GGG opened at $47.07 on Friday. The business has a 50 day simple moving average of $45.71 and a two-hundred day simple moving average of $47.90. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 2.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.69 and a quick ratio of 1.68. Graco Inc. has a one year low of $38.59 and a one year high of $53.91.

Graco (NYSE:GGG) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.06). The business had revenue of $400.60 million for the quarter, compared to the consensus estimate of $418.93 million. Graco had a net margin of 20.29% and a return on equity of 36.17%. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 EPS. As a group, sell-side analysts expect that Graco Inc. will post 1.81 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Friday, October 18th. Graco’s payout ratio is 34.04%.

About Graco

Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies division, Industrial Products division and Process division.

Further Reading: Determine Your Level of Risk Tolerance

Institutional Ownership by Quarter for Graco (NYSE:GGG)

Receive News & Ratings for Graco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Graco and related companies with MarketBeat.com's FREE daily email newsletter.