Allspring Global Investments Holdings LLC Has $97,000 Position in Graco Inc. (NYSE:GGG)

Allspring Global Investments Holdings LLC increased its position in shares of Graco Inc. (NYSE:GGG) by 48.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,106 shares of the industrial products company’s stock after buying an additional 361 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Graco were worth $97,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norden Group LLC bought a new position in Graco in the 1st quarter worth approximately $289,000. First Trust Direct Indexing L.P. lifted its position in Graco by 47.2% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,791 shares of the industrial products company’s stock worth $354,000 after buying an additional 1,216 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Graco by 8.4% in the 1st quarter. Private Advisor Group LLC now owns 17,752 shares of the industrial products company’s stock valued at $1,659,000 after purchasing an additional 1,377 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Graco by 49.8% in the 1st quarter. BNP Paribas Financial Markets now owns 140,067 shares of the industrial products company’s stock valued at $13,091,000 after purchasing an additional 46,568 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in Graco by 7.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 153,245 shares of the industrial products company’s stock valued at $14,322,000 after buying an additional 10,830 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

Graco Stock Up 0.9 %

GGG stock opened at $83.24 on Tuesday. Graco Inc. has a 12-month low of $76.28 and a 12-month high of $94.77. The firm has a market cap of $14.06 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 2.79 and a beta of 0.82. The company’s fifty day simple moving average is $83.97 and its 200 day simple moving average is $82.31.

Graco (NYSE:GGG) last posted its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 EPS for the quarter, missing the consensus estimate 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 return on equity of 21.24% and a net margin of 22.87%. The company’s revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 earnings per share. Research analysts expect that Graco Inc. will post 2.92 earnings per share for the current year.

Graco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Monday, October 21st will be given a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Monday, October 21st. Graco’s payout ratio is 36.04%.

Analysts Set New Price Targets

GGG has been the topic of a number of analyst reports. Robert W. Baird decreased their target price 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. Royal Bank of Canada dropped their price objective on shares of Graco from $96.00 to $93.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, DA Davidson reiterated a “neutral” rating and set a $79.00 price target on shares of Graco in a report on Friday, September 27th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $89.25.

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.