CIBC Asset Management Inc boosted its holdings in Graco Inc. (NYSE:GGG) by 200.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,685 shares of the industrial products company’s stock after acquiring an additional 3,790 shares during the period. CIBC Asset Management Inc’s holdings in Graco were worth $257,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ballentine Partners LLC acquired a new position in Graco in the third quarter valued at approximately $210,000. Boston Private Wealth LLC acquired a new position in Graco in the third quarter valued at approximately $210,000. Janney Montgomery Scott LLC acquired a new position in Graco in the third quarter valued at approximately $223,000. Meeder Asset Management Inc. acquired a new position in Graco in the third quarter valued at approximately $256,000. Finally, Turner Investments LLC acquired a new position in Graco in the third quarter valued at approximately $309,000. Hedge funds and other institutional investors own 36.93% of the company’s stock.
In other Graco news, CFO Christian E. Rothe sold 12,750 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $132.01, for a total transaction of $1,683,127.50. Following the transaction, the chief financial officer now directly owns 16,905 shares in the company, valued at $2,231,629.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Caroline M. Chambers sold 9,939 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $42.03, for a total value of $417,736.17. Following the transaction, the vice president now owns 30,615 shares in the company, valued at $1,286,748.45. The disclosure for this sale can be found here. Insiders have sold 107,591 shares of company stock worth $8,730,528 over the last 90 days. 5.70% of the stock is owned by insiders.
Graco (NYSE:GGG) last released its quarterly earnings results on Monday, January 29th. The industrial products company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Graco had a return on equity of 40.08% and a net margin of 17.12%. The firm had revenue of $374.90 million for the quarter, compared to analyst estimates of $369.53 million. During the same quarter last year, the company earned $1.00 earnings per share. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. sell-side analysts predict that Graco Inc. will post 1.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 7th. Shareholders of record on Monday, January 22nd were paid a dividend of $0.3975 per share. This represents a $1.59 dividend on an annualized basis and a yield of 3.67%. This is a boost from Graco’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, January 19th. Graco’s dividend payout ratio is 36.55%.
A number of research analysts recently commented on GGG shares. KeyCorp reiterated a “hold” rating on shares of Graco in a report on Friday, October 20th. FBR & Co set a $46.67 price objective on Graco and gave the company a “hold” rating in a report on Thursday, October 26th. Robert W. Baird reiterated a “hold” rating and issued a $45.00 price objective on shares of Graco in a report on Friday, October 27th. SunTrust Banks reiterated a “hold” rating and issued a $42.67 price objective on shares of Graco in a report on Friday, October 27th. Finally, Zacks Investment Research cut Graco from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Ten investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $47.33.
Graco Company Profile
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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