TimesSquare Capital Management LLC decreased its holdings in Graco Inc. (NYSE:GGG) by 52.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 99,000 shares of the industrial products company’s stock after selling 110,500 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.18% of Graco worth $10,819,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of GGG. BB&T Corp raised its position in Graco by 5.4% in the 1st quarter. BB&T Corp now owns 2,556 shares of the industrial products company’s stock valued at $241,000 after purchasing an additional 130 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Graco by 425.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,100 shares of the industrial products company’s stock valued at $198,000 after purchasing an additional 1,700 shares during the last quarter. Great West Life Assurance Co. Can raised its position in Graco by 5.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 33,036 shares of the industrial products company’s stock valued at $3,107,000 after purchasing an additional 1,560 shares during the last quarter. State Treasurer State of Michigan raised its position in Graco by 1.8% in the 1st quarter. State Treasurer State of Michigan now owns 22,800 shares of the industrial products company’s stock valued at $2,146,000 after purchasing an additional 400 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Graco by 315.5% in the 1st quarter. First Trust Advisors LP now owns 104,068 shares of the industrial products company’s stock valued at $9,797,000 after purchasing an additional 79,023 shares during the last quarter. Hedge funds and other institutional investors own 86.85% of the company’s stock.
GGG has been the subject of several research analyst reports. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price objective (up previously from $105.00) on shares of Graco in a research report on Monday, June 5th. BidaskClub downgraded Graco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Wolfe Research raised Graco from an “underperform” rating to a “peer perform” rating and set a $100.00 target price for the company in a research note on Monday, July 31st. FBR & Co reissued a “marketperform” rating on shares of Graco in a research note on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $104.00 target price on shares of Graco in a research note on Monday, June 5th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $106.20.
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In other news, insider David M. Lowe sold 30,000 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $115.50, for a total value of $3,465,000.00. Following the completion of the transaction, the insider now directly owns 164,809 shares in the company, valued at approximately $19,035,439.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Karen Park Gallivan sold 12,242 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $1,407,830.00. Following the completion of the transaction, the vice president now owns 27,264 shares of the company’s stock, valued at $3,135,360. The disclosure for this sale can be found here. Insiders sold a total of 44,242 shares of company stock valued at $4,873,050 over the last quarter. 5.70% of the stock is owned by corporate insiders.
Shares of Graco Inc. (NYSE:GGG) opened at 116.59 on Tuesday. The stock has a 50 day moving average price of $113.58 and a 200 day moving average price of $105.92. The firm has a market capitalization of $6.53 billion, a PE ratio of 73.98 and a beta of 1.24. Graco Inc. has a 1-year low of $69.33 and a 1-year high of $117.97.
Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.32. Graco had a return on equity of 40.21% and a net margin of 6.50%. The company had revenue of $379.50 million during the quarter, compared to analysts’ expectations of $369.36 million. During the same period in the prior year, the company earned $0.89 EPS. Graco’s revenue was up 9.0% compared to the same quarter last year. Equities research analysts anticipate that Graco Inc. will post $4.53 earnings per share for the current fiscal year.
Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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