3,022 Shares in Graco Inc. (NYSE:GGG) Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. bought a new stake in shares of Graco Inc. (NYSE:GGG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,022 shares of the industrial products company’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also bought and sold shares of GGG. Gradient Investments LLC purchased a new stake in Graco during the 2nd quarter valued at $27,000. New Covenant Trust Company N.A. bought a new stake in shares of Graco in the first quarter worth $43,000. UMB Bank n.a. increased its position 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 acquiring an additional 323 shares during the last quarter. Blue Trust Inc. lifted its holdings in Graco by 220.9% in the second quarter. Blue Trust Inc. now owns 690 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 475 shares during the period. Finally, Tobam boosted its position in Graco by 90.2% in the first 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. Institutional investors own 93.88% of the company’s stock.

Analyst Ratings Changes

GGG has been the topic of several recent research reports. 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. DA Davidson reaffirmed a “neutral” rating and issued a $79.00 target price on shares of Graco in a report on Friday, September 27th. Finally, Royal Bank of Canada lowered their target price on Graco from $96.00 to $93.00 and set an “outperform” rating on the stock in a research report 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 data from MarketBeat, Graco has an average rating of “Hold” and an average price target of $89.25.

Graco Price Performance

Shares of GGG stock opened at $82.52 on Monday. Graco Inc. has a one year low of $74.79 and a one year high of $94.77. The company’s fifty day moving average price is $83.97 and its 200-day moving average price is $82.35. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 2.79 and a beta of 0.82.

Graco (NYSE:GGG) last posted its quarterly 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 business had revenue of $519.21 million for the quarter, compared to the consensus estimate of $538.19 million. Graco had a net margin of 22.87% and a return on equity of 21.24%. Graco’s revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 earnings per share. Equities research analysts expect that Graco Inc. 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 yield of 1.24%. Graco’s payout ratio is 36.04%.

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.