Graco’s (GGG) “Neutral” Rating Reaffirmed at DA Davidson

DA Davidson reaffirmed their neutral rating on shares of Graco (NYSE:GGG) in a research report report published on Monday morning,Benzinga reports. The firm currently has a $85.00 price objective on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the stock. Royal Bank Of Canada boosted their price objective on shares of Graco from $97.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Graco in a report on Thursday, January 22nd. Jefferies Financial Group boosted their price target on Graco from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. KeyCorp restated a “sector weight” rating on shares of Graco in a research note on Tuesday, January 27th. Finally, Robert W. Baird set a $96.00 target price on Graco in a research note on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $96.50.

Graco Trading Up 1.2%

Shares of Graco stock opened at $88.39 on Monday. The stock’s fifty day moving average price is $84.39 and its 200-day moving average price is $83.94. The firm has a market cap of $14.65 billion, a P/E ratio of 28.61, a P/E/G ratio of 2.74 and a beta of 1.08. Graco has a 12 month low of $72.06 and a 12 month high of $89.67.

Graco (NYSE:GGG) last issued its earnings results on Monday, January 26th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. Graco had a net margin of 23.33% and a return on equity of 19.49%. The company had revenue of $593.16 million for the quarter, compared to analysts’ expectations of $591.99 million. During the same period in the prior year, the business earned $0.64 EPS. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. Analysts forecast that Graco will post 3.06 earnings per share for the current year.

Graco declared that its Board of Directors has initiated a stock buyback plan on Friday, December 5th that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Graco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 4th. Investors of record on Monday, January 19th will be given a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, January 16th. This represents a $1.18 annualized dividend and a yield of 1.3%. This is an increase from Graco’s previous quarterly dividend of $0.28. Graco’s dividend payout ratio is currently 38.19%.

Institutional Investors Weigh In On Graco

A number of large investors have recently modified their holdings of the business. Root Financial Partners LLC purchased a new position in shares of Graco in the 3rd quarter valued at approximately $29,000. NewSquare Capital LLC increased its stake in Graco by 320.7% during the 2nd quarter. NewSquare Capital LLC now owns 345 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 263 shares in the last quarter. CX Institutional raised its holdings in shares of Graco by 316.7% in the third quarter. CX Institutional now owns 475 shares of the industrial products company’s stock worth $40,000 after buying an additional 361 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Graco by 42.6% in the third quarter. Assetmark Inc. now owns 465 shares of the industrial products company’s stock worth $40,000 after buying an additional 139 shares during the last quarter. Finally, Field & Main Bank acquired a new stake in shares of Graco during the fourth quarter worth $41,000. Hedge funds and other institutional investors own 93.88% of the company’s stock.

About Graco

Graco Inc is a leading manufacturer of fluid handling systems and components, headquartered in Minneapolis, Minnesota. Founded in 1926, the company has built a reputation for innovation in spray finishing, lubrication, and fluid management technologies. Graco’s solutions are designed to address the needs of paint and coatings applicators, general industry, and process fluids in a variety of end markets.

The company’s product portfolio includes airless and air-assisted spray equipment, pumps for oil and gas applications, industrial lubrication systems, and automated dispensing equipment.