Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Makes New $4.32 Million Investment in Graco Inc. (NYSE:GGG)

Posted by Defense World Staff on Aug 12th, 2023

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in Graco Inc. (NYSE:GGG – Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 59,200 shares of the industrial products company’s stock, valued at approximately $4,322,000.

A number of other large investors also recently modified their holdings of GGG. Cetera Advisor Networks LLC lifted its holdings in shares of Graco by 3.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 6,270 shares of the industrial products company’s stock worth $437,000 after purchasing an additional 184 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Graco by 18.1% in the 1st quarter. Bank of Montreal Can now owns 86,910 shares of the industrial products company’s stock worth $6,176,000 after purchasing an additional 13,302 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Graco by 8.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 96,025 shares of the industrial products company’s stock worth $6,879,000 after purchasing an additional 7,396 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Graco by 8.2% in the 1st quarter. Raymond James Trust N.A. now owns 5,834 shares of the industrial products company’s stock worth $407,000 after purchasing an additional 440 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Graco by 74.3% in the 1st quarter. Vontobel Holding Ltd. now owns 9,636 shares of the industrial products company’s stock worth $684,000 after purchasing an additional 4,108 shares in the last quarter. 87.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Mark W. Sheahan acquired 1,263 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was bought at an average price of $79.04 per share, with a total value of $99,827.52. Following the acquisition, the chief executive officer now owns 62,986 shares in the company, valued at approximately $4,978,413.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Jeffrey P. Johnson sold 15,252 shares of Graco stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $78.55, for a total value of $1,198,044.60. Following the completion of the sale, the insider now owns 30,835 shares of the company’s stock, valued at approximately $2,422,089.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark W. Sheahan acquired 1,263 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was purchased at an average cost of $79.04 per share, with a total value of $99,827.52. Following the acquisition, the chief executive officer now owns 62,986 shares in the company, valued at approximately $4,978,413.44. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 24,415 shares of company stock valued at $1,934,398. 2.98% of the stock is owned by insiders.

Graco Price Performance

Shares of Graco stock opened at $77.78 on Friday. Graco Inc. has a 1 year low of $58.17 and a 1 year high of $87.94. The firm has a market cap of $13.14 billion, a PE ratio of 26.46, a P/E/G ratio of 2.57 and a beta of 0.81. The stock has a fifty day moving average price of $83.38 and a 200-day moving average price of $76.08.

Graco (NYSE:GGG – Get Free Report) last announced its earnings results on Wednesday, July 26th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.03). Graco had a net margin of 23.10% and a return on equity of 25.52%. The business had revenue of $559.60 million for the quarter, compared to analysts’ expectations of $576.14 million. During the same period in the prior year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, equities analysts anticipate that Graco Inc. will post 3.01 EPS for the current fiscal year.

Graco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 2nd. Investors of record on Monday, July 17th were issued a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Friday, July 14th. Graco’s dividend payout ratio (DPR) is currently 31.97%.

Analysts Set New Price Targets

A number of research firms recently commented on GGG. StockNews.com lowered Graco from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. William Blair reissued a “market perform” rating on shares of Graco in a research report on Monday, June 5th. Royal Bank of Canada lowered their price target on Graco from $94.00 to $91.00 and set an “outperform” rating for the company in a research report on Friday, July 28th. DA Davidson increased their price target on Graco from $70.00 to $75.00 in a research report on Thursday, April 27th. Finally, Robert W. Baird increased their price target on Graco from $75.00 to $83.00 in a research report on Friday, April 28th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $83.00.

View Our Latest Analysis on GGG

About Graco

(Free Report)

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The company's Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems and applicators, and precision dispensing solutions.