Graco Inc. (NYSE:GGG) Sees Large Decline in Short Interest

Graco Inc. (NYSE:GGG) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 1,300,000 shares, a decline of 5.8% from the September 30th total of 1,380,000 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average trading volume of 721,800 shares, the days-to-cover ratio is currently 1.8 days.

Graco Stock Performance

GGG opened at $82.54 on Friday. Graco has a one year low of $74.79 and a one year high of $94.77. The stock has a market capitalization of $13.94 billion, a PE ratio of 29.17, a P/E/G ratio of 2.79 and a beta of 0.81. The business’s 50 day moving average price is $83.97 and its 200 day moving average price is $82.40.

Graco (NYSE:GGG) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.05). The firm had revenue of $519.21 million for the quarter, compared to analysts’ expectations of $538.19 million. Graco had a net margin of 22.87% and a return on equity of 21.24%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.76 earnings per share. As a group, equities research analysts forecast that Graco will post 2.92 earnings per share for the current fiscal year.

Graco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st will be paid a $0.255 dividend. The ex-dividend date is Monday, October 21st. This represents a $1.02 annualized dividend and a dividend yield of 1.24%. Graco’s dividend payout ratio (DPR) is 36.04%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Gradient Investments LLC purchased a new position in shares of Graco in the 2nd quarter valued at about $27,000. New Covenant Trust Company N.A. acquired a new position in Graco during the 1st quarter worth approximately $43,000. UMB Bank n.a. increased its position in shares of Graco by 187.8% in the 3rd quarter. UMB Bank n.a. now owns 495 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 323 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Graco by 220.9% in the 2nd quarter. Blue Trust Inc. now owns 690 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 475 shares in the last quarter. Finally, Tobam lifted its position in shares of Graco by 90.2% during the 1st quarter. Tobam now owns 601 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 285 shares during the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.