Graco Inc. (NYSE:GGG) Stake Lessened by Sheets Smith Wealth Management

Sheets Smith Wealth Management lessened its stake in shares of Graco Inc. (NYSE:GGG) by 1.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,574 shares of the industrial products company’s stock after selling 140 shares during the quarter. Sheets Smith Wealth Management’s holdings in Graco were worth $1,188,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC acquired a new position in shares of Graco during the 2nd quarter valued at $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of Graco in the first quarter valued at $43,000. UMB Bank n.a. boosted its stake in 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 in the last quarter. Eastern Bank acquired a new position in Graco during the third quarter worth about $59,000. Finally, Blue Trust Inc. raised its position in Graco by 220.9% in the second quarter. Blue Trust Inc. now owns 690 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 475 shares in the last quarter. Institutional investors own 93.88% of the company’s stock.

Graco Trading Up 0.3 %

GGG stock opened at $87.81 on Friday. The firm has a 50-day moving average of $84.38 and a two-hundred day moving average of $82.28. Graco Inc. has a one year low of $76.28 and a one year high of $94.77. The firm has a market capitalization of $14.83 billion, a PE ratio of 31.03, a P/E/G ratio of 3.04 and a beta of 0.82.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.05). The business had revenue of $519.21 million during the quarter, compared to analyst estimates of $538.19 million. Graco had a return on equity of 21.24% and a net margin of 22.87%. The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the business earned $0.76 EPS. On average, equities research analysts anticipate that Graco Inc. will post 2.92 earnings per share for the current year.

Graco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st were given a dividend of $0.255 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.02 dividend on an annualized basis and a yield of 1.16%. Graco’s payout ratio is presently 36.04%.

Insider Activity

In other news, insider David J. Thompson sold 3,216 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $88.31, for a total value of $284,004.96. Following the completion of the sale, the insider now directly owns 27,246 shares of the company’s stock, valued at $2,406,094.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.63% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GGG has been the topic of several recent research reports. DA Davidson reaffirmed a “neutral” rating and issued a $79.00 price objective on shares of Graco in a research note on Friday, September 27th. Robert W. Baird decreased their price target on shares of Graco from $88.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Finally, Royal Bank of Canada cut their price objective on Graco from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Graco currently has an average rating of “Hold” and an average target price of $89.25.

About Graco

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.