Oppenheimer Asset Management Inc. Has $271,000 Position in Graco Inc. (NYSE:GGG)

Posted by Defense World Staff on Feb 25th, 2023

Oppenheimer Asset Management Inc. lowered its stake in shares of Graco Inc. (NYSE:GGG – Get Rating) by 3.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,538 shares of the industrial products company’s stock after selling 151 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Graco were worth $271,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Trust Co. of Vermont acquired a new stake in Graco during the third quarter worth approximately $29,000. Eagle Bay Advisors LLC acquired a new stake in Graco during the second quarter worth approximately $35,000. Fifth Third Bancorp grew its position in Graco by 76.8% during the third quarter. Fifth Third Bancorp now owns 631 shares of the industrial products company’s stock worth $38,000 after buying an additional 274 shares in the last quarter. Wipfli Financial Advisors LLC acquired a new stake in Graco during the third quarter worth approximately $78,000. Finally, EverSource Wealth Advisors LLC grew its position in Graco by 1,481.4% during the third quarter. EverSource Wealth Advisors LLC now owns 1,360 shares of the industrial products company’s stock worth $82,000 after buying an additional 1,274 shares in the last quarter. Institutional investors and hedge funds own 85.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on GGG. Royal Bank of Canada upped their target price on Graco from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Monday, November 14th. Robert W. Baird upped their target price on Graco from $66.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 1st. StockNews.com upgraded Graco from a “hold” rating to a “buy” rating in a research note on Wednesday, January 18th. Finally, Seaport Res Ptn upgraded Graco from a “neutral” rating to a “buy” rating in a research note on Thursday, February 2nd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Graco Stock Down 0.9 %

Shares of GGG opened at $69.66 on Friday. Graco Inc. has a 52 week low of $56.48 and a 52 week high of $72.87. The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 2.53 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.82 and a current ratio of 3.01. The stock has a fifty day moving average of $68.95 and a 200-day moving average of $67.11.

Graco (NYSE:GGG – Get Rating) last announced its quarterly earnings results on Tuesday, January 31st. The industrial products company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Graco had a return on equity of 25.67% and a net margin of 21.49%. The company had revenue of $555.05 million during the quarter, compared to analysts’ expectations of $556.72 million. During the same period in the prior year, the company earned $0.66 EPS. Graco’s revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Graco Inc. will post 2.78 earnings per share for the current fiscal year.

Graco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 3rd. Stockholders of record on Monday, April 17th will be paid a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, April 14th. Graco’s payout ratio is 35.21%.

Insider Activity

In other news, Director Eric Etchart sold 6,000 shares of the stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $71.90, for a total value of $431,400.00. Following the completion of the transaction, the director now directly owns 31,597 shares in the company, valued at approximately $2,271,824.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO David M. Lowe sold 31,128 shares of the firm’s stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $70.17, for a total transaction of $2,184,251.76. Following the completion of the transaction, the chief financial officer now directly owns 601,770 shares of the company’s stock, valued at approximately $42,226,200.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric Etchart sold 6,000 shares of the firm’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $71.90, for a total value of $431,400.00. Following the transaction, the director now directly owns 31,597 shares of the company’s stock, valued at $2,271,824.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,948 shares of company stock worth $4,096,787. Insiders own 3.52% of the company’s stock.

Graco Profile

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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.