CIBC Asset Management Inc raised its stake in shares of Graco Inc. (NYSE:GGG) by 200.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 5,685 shares of the industrial products company’s stock after buying 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 quarter.
Other institutional investors have also made changes to their positions in the company. Ballentine Partners LLC purchased a new position in shares of Graco in the 3rd quarter valued at about $210,000. Boston Private Wealth LLC purchased a new position in shares of Graco in the 3rd quarter valued at about $210,000. Janney Montgomery Scott LLC purchased a new position in shares of Graco in the 3rd quarter valued at about $223,000. Meeder Asset Management Inc. purchased a new position in shares of Graco in the 3rd quarter valued at about $256,000. Finally, Turner Investments LLC purchased a new position in shares of Graco in the 3rd quarter valued at about $309,000. Hedge funds and other institutional investors own 36.93% of the company’s stock.
GGG has been the subject of several recent analyst reports. Deutsche Bank upgraded Graco from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, January 23rd. Zacks Investment Research upgraded Graco from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Saturday, February 3rd. Royal Bank of Canada reiterated a “hold” rating and set a $49.00 price objective on shares of Graco in a research note on Thursday, January 4th. Oppenheimer reiterated a “hold” rating on shares of Graco in a research note on Thursday, December 28th. Finally, SunTrust Banks reiterated a “hold” rating and set a $42.67 price objective on shares of Graco in a research note on Friday, October 27th. Ten analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $47.33.
Shares of Graco Inc. (NYSE:GGG) opened at $43.31 on Thursday. Graco Inc. has a 52 week low of $29.70 and a 52 week high of $49.69. The company has a current ratio of 2.70, a quick ratio of 1.67 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7,290.00, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 2.24 and a beta of 1.15.
Graco (NYSE:GGG) last posted its quarterly earnings data on Monday, January 29th. The industrial products company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $369.53 million. During the same quarter last year, the firm posted $1.00 earnings per share. Graco’s quarterly revenue was up 7.4% on a year-over-year basis. equities analysts anticipate that Graco Inc. will post 1.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 7th. Stockholders of record on Monday, January 22nd were issued a dividend of $0.3975 per share. This is a boost from Graco’s previous quarterly dividend of $0.36. This represents a $1.59 annualized dividend and a dividend yield of 3.67%. The ex-dividend date was Friday, January 19th. Graco’s payout ratio is currently 36.55%.
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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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