Geode Capital Management LLC raised its stake in shares of Graco Inc. (NYSE:GGG) by 232.6% in the fourth quarter, Holdings Channel reports. The firm owned 1,482,009 shares of the industrial products company’s stock after buying an additional 1,036,365 shares during the period. Geode Capital Management LLC’s holdings in Graco were worth $67,016,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Boston Private Wealth LLC acquired a new position in Graco during the 3rd quarter valued at about $210,000. Janney Montgomery Scott LLC acquired a new position in Graco during the 3rd quarter valued at about $223,000. CIBC Asset Management Inc acquired a new position in Graco during the 3rd quarter valued at about $234,000. Turner Investments LLC acquired a new position in Graco during the 3rd quarter valued at about $309,000. Finally, Advisors Asset Management Inc. boosted its stake in Graco by 125.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,530 shares of the industrial products company’s stock valued at $313,000 after purchasing an additional 1,407 shares during the last quarter. Institutional investors and hedge funds own 86.39% of the company’s stock.
Graco Inc. (GGG) opened at $46.33 on Wednesday. Graco Inc. has a 12 month low of $30.59 and a 12 month high of $49.69. The firm has a market capitalization of $7,885.85, a P/E ratio of 30.35, a PEG ratio of 2.49 and a beta of 1.17. The company has a quick ratio of 1.67, a current ratio of 2.70 and a debt-to-equity ratio of 0.31.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 2nd. Stockholders of record on Monday, April 16th will be paid a $0.1325 dividend. The ex-dividend date of this dividend is Friday, April 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.14%. Graco’s payout ratio is presently 36.47%.
A number of research firms have issued reports on GGG. ValuEngine downgraded Graco from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded Graco from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Saturday, February 3rd. SunTrust Banks reiterated a “hold” rating and set a $45.00 price target on shares of Graco in a research note on Wednesday, January 31st. B. Riley boosted their target price on Graco from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 30th. Finally, Deutsche Bank upgraded Graco from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $47.33.
In related news, VP Karen Park Gallivan sold 27,000 shares of Graco stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $48.34, for a total value of $1,305,180.00. Following the sale, the vice president now owns 72,305 shares of the company’s stock, valued at approximately $3,495,223.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Caroline M. Chambers sold 9,939 shares of Graco stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $42.03, for a total transaction of $417,736.17. Following the completion of the sale, the vice president now directly owns 30,615 shares in the company, valued at approximately $1,286,748.45. The disclosure for this sale can be found here. Insiders sold a total of 90,564 shares of company stock worth $4,225,595 in the last 90 days. Company insiders own 5.70% of the company’s stock.
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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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