Truist Financial Corp Lowers Stake in Graco Inc. (NYSE:GGG)

Truist Financial Corp reduced its position in shares of Graco Inc. (NYSE:GGG) by 43.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,045 shares of the industrial products company’s stock after selling 30,689 shares during the quarter. Truist Financial Corp’s holdings in Graco were worth $2,802,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GGG. State Street Corp boosted its stake in shares of Graco by 11.8% during the 2nd quarter. State Street Corp now owns 5,520,551 shares of the industrial products company’s stock worth $417,906,000 after acquiring an additional 580,896 shares in the last quarter. Champlain Investment Partners LLC purchased a new stake in shares of Graco during the 2nd quarter worth about $39,540,000. WCM Investment Management LLC boosted its stake in shares of Graco by 8.1% during the 3rd quarter. WCM Investment Management LLC now owns 5,265,169 shares of the industrial products company’s stock worth $368,404,000 after acquiring an additional 395,630 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Graco by 4.5% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,895,070 shares of the industrial products company’s stock worth $597,659,000 after acquiring an additional 340,275 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Graco by 38.2% during the 2nd quarter. Millennium Management LLC now owns 889,724 shares of the industrial products company’s stock worth $67,352,000 after acquiring an additional 245,975 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently weighed in on the stock. Robert W. Baird restated a “buy” rating on shares of Graco in a research report on Sunday, October 24th. Royal Bank of Canada reduced their price target on shares of Graco from $84.00 to $83.00 and set an “outperform” rating for the company in a research report on Friday, October 22nd. Finally, William Blair upgraded shares of Graco from a “market perform” rating to an “outperform” rating in a research report on Thursday, December 2nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $80.75.

GGG stock opened at $75.31 on Friday. The company has a market cap of $12.80 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 3.56 and a beta of 0.68. The company has a current ratio of 3.12, a quick ratio of 2.27 and a debt-to-equity ratio of 0.10. Graco Inc. has a 12 month low of $64.34 and a 12 month high of $81.09. The firm has a 50-day moving average of $77.74 and a two-hundred day moving average of $76.41.

Graco (NYSE:GGG) last released its quarterly earnings data on Tuesday, October 19th. The industrial products company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.06). The business had revenue of $486.70 million during the quarter, compared to analyst estimates of $490.27 million. Graco had a net margin of 22.64% and a return on equity of 29.13%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.59 EPS. As a group, equities analysts forecast that Graco Inc. will post 2.41 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 2nd. Shareholders of record on Tuesday, January 18th will be issued a $0.21 dividend. This is an increase from Graco’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, January 14th. This represents a $0.84 dividend on an annualized basis and a yield of 1.12%. Graco’s dividend payout ratio is presently 30.12%.

In other news, Director Eric Etchart sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $79.60, for a total transaction of $47,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.63% of the stock is currently owned by corporate insiders.

Graco Company Profile

Graco, Inc is a manufacturing company, which designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. It operates through the following segments: Industrial, Contractor and Process. The Industrial segment includes the Applied Fluid Technologies and Industrial Products divisions.

Further Reading: Are sell-side analysts objective?

Institutional Ownership by Quarter for Graco (NYSE:GGG)

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