Graco Inc. (NYSE:GGG) Shares Sold by Viawealth LLC

Posted by Defense World Staff on Sep 9th, 2023

Viawealth LLC reduced its position in Graco Inc. (NYSE:GGG – Free Report) by 1.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 56,086 shares of the industrial products company’s stock after selling 768 shares during the period. Graco accounts for approximately 3.2% of Viawealth LLC’s investment portfolio, making the stock its 3rd largest holding. Viawealth LLC’s holdings in Graco were worth $4,095,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ProVise Management Group LLC acquired a new stake in shares of Graco in the 1st quarter valued at $556,000. Daiwa Securities Group Inc. increased its stake in shares of Graco by 18.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 10,100 shares of the industrial products company’s stock valued at $737,000 after buying an additional 1,600 shares during the period. Principal Financial Group Inc. increased its stake in shares of Graco by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 667,644 shares of the industrial products company’s stock valued at $48,745,000 after buying an additional 3,141 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Graco by 241.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 30,878 shares of the industrial products company’s stock valued at $2,254,000 after buying an additional 21,840 shares during the period. Finally, Elo Mutual Pension Insurance Co acquired a new stake in shares of Graco in the 1st quarter valued at $975,000. 84.94% of the stock is owned by institutional investors and hedge funds.

Graco Trading Down 0.3 %

GGG stock opened at $75.69 on Friday. The business’s 50-day moving average price is $80.59 and its two-hundred day moving average price is $77.06. The firm has a market cap of $12.79 billion, a PE ratio of 25.74, a P/E/G ratio of 2.57 and a beta of 0.81. Graco Inc. has a 1-year low of $58.17 and a 1-year high of $87.94.

Graco (NYSE:GGG – Get Free Report) last posted its earnings results on Wednesday, July 26th. The industrial products company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.03). The business had revenue of $559.60 million for the quarter, compared to the consensus estimate of $576.14 million. Graco had a return on equity of 25.52% and a net margin of 23.10%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. On average, analysts forecast that Graco Inc. will post 2.99 earnings per share for the current year.

Graco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th were issued a $0.235 dividend. The ex-dividend date was Friday, July 14th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.24%. Graco’s dividend payout ratio (DPR) is 31.97%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GGG. StockNews.com upgraded Graco from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. Royal Bank of Canada reduced their price target on Graco from $94.00 to $91.00 and set an “outperform” rating on the stock in a research report on Friday, July 28th. Finally, William Blair restated a “market perform” rating on shares of Graco in a research report on Monday, June 5th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.00.

Get Our Latest Research Report on Graco

Insider Activity

In other news, insider Caroline M. Chambers sold 7,060 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $77.04, for a total value of $543,902.40. Following the sale, the insider now directly owns 49,381 shares in the company, valued at $3,804,312.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Mark W. Sheahan bought 1,263 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were acquired at an average price of $79.04 per share, with a total value of $99,827.52. Following the completion of the transaction, the chief executive officer now owns 62,986 shares in the company, valued at $4,978,413.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Caroline M. Chambers sold 7,060 shares of Graco stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $77.04, for a total value of $543,902.40. Following the completion of the sale, the insider now directly owns 49,381 shares in the company, valued at approximately $3,804,312.24. The disclosure for this sale can be found here. Corporate insiders own 2.98% of the company’s stock.

Graco Profile

(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.