Swiss National Bank reduced its stake in Graco Inc. (NYSE:GGG – Free Report) by 10.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 541,500 shares of the industrial products company’s stock after selling 65,100 shares during the period. Swiss National Bank owned approximately 0.32% of Graco worth $39,465,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Graco by 10.3% during the second quarter. BlackRock Inc. now owns 18,608,060 shares of the industrial products company’s stock valued at $1,606,806,000 after buying an additional 1,739,458 shares during the period. State Street Corp lifted its stake in Graco by 13.0% in the 1st quarter. State Street Corp now owns 7,619,918 shares of the industrial products company’s stock worth $556,330,000 after purchasing an additional 878,009 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its stake in Graco by 102,901.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,793,696 shares of the industrial products company’s stock worth $322,424,000 after purchasing an additional 4,789,042 shares in the last quarter. Morgan Stanley boosted its holdings in Graco by 156.6% in the 4th quarter. Morgan Stanley now owns 4,453,162 shares of the industrial products company’s stock valued at $299,520,000 after purchasing an additional 2,718,018 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Graco by 6.8% in the second quarter. Geode Capital Management LLC now owns 2,977,223 shares of the industrial products company’s stock worth $256,730,000 after purchasing an additional 190,196 shares during the period. 84.94% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Graco
In other news, EVP Kathryn L. Schoenrock sold 1,466 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $79.84, for a total value of $117,045.44. Following the completion of the sale, the executive vice president now directly owns 5,451 shares in the company, valued at approximately $435,207.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Graco news, CEO Mark W. Sheahan sold 12,884 shares of Graco stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $83.37, for a total value of $1,074,139.08. Following the transaction, the chief executive officer now directly owns 93,182 shares of the company’s stock, valued at approximately $7,768,583.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathryn L. Schoenrock sold 1,466 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $79.84, for a total value of $117,045.44. Following the completion of the sale, the executive vice president now owns 5,451 shares of the company’s stock, valued at approximately $435,207.84. The disclosure for this sale can be found here. Insiders have sold 27,734 shares of company stock worth $2,269,879 over the last ninety days. Insiders own 2.98% of the company’s stock.
Graco Stock Up 0.5 %
Graco Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 7th. Shareholders of record on Monday, January 22nd were paid a $0.255 dividend. The ex-dividend date was Friday, January 19th. This represents a $1.02 annualized dividend and a yield of 1.17%. This is a positive change from Graco’s previous quarterly dividend of $0.24. Graco’s dividend payout ratio is currently 34.69%.
Wall Street Analyst Weigh In
GGG has been the topic of a number of research analyst reports. Jefferies Financial Group upped their target price on Graco from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Royal Bank of Canada upped their price objective on shares of Graco from $91.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Finally, StockNews.com upgraded shares of Graco from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Graco presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.80.
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 company's Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems and applicators, and precision dispensing solutions.
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