The Wolfe Research Upgrades Graco Inc. (NYSE:GGG) to Peer Perform

The Wolfe Research Upgrades Graco Inc. (NYSE:GGG) to Peer Perform

Other research analysts have also issued research reports about the company. BidaskClub lowered Graco from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Zacks Investment Research lowered Graco from a “buy” rating to a “hold” rating in a research report on Monday, July 10th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $104.00 price target on shares of Graco in a research report on Friday, April 28th. FBR & Co reaffirmed a “marketperform” rating on shares of Graco in a research report on Tuesday, July 11th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $110.00 price target (up previously from $105.00) on shares of Graco in a research report on Monday, June 5th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $106.20.

Graco Inc. (NYSE:GGG) was upgraded by research analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has a $100.00 price objective on the industrial products company’s stock. Wolfe Research’s price objective would suggest a potential downside of 12.43% from the stock’s current price.

Shares of Graco (GGG) opened at 114.19 on Monday. The company has a market cap of $6.39 billion, a PE ratio of 72.46 and a beta of 1.25. Graco has a 12 month low of $69.33 and a 12 month high of $116.75. The firm’s 50-day moving average price is $110.30 and its 200-day moving average price is $101.08.

Graco (NYSE:GGG) last posted its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.32. The firm had revenue of $379.50 million for the quarter, compared to analyst estimates of $369.36 million. Graco had a return on equity of 40.21% and a net margin of 6.50%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 EPS. Equities analysts predict that Graco will post $4.25 EPS for the current fiscal year.

In other news, insider Dale D. Johnson sold 30,000 shares of Graco stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $109.03, for a total transaction of $3,270,900.00. Following the completion of the transaction, the insider now directly owns 82,198 shares in the company, valued at approximately $8,962,047.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Caroline M. Chambers sold 5,000 shares of Graco stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $109.45, for a total value of $547,250.00. Following the transaction, the vice president now owns 10,159 shares of the company’s stock, valued at $1,111,902.55. The disclosure for this sale can be found here. Insiders have sold a total of 194,021 shares of company stock valued at $13,602,334 over the last quarter. 5.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of GGG. BlackRock Inc. increased its stake in shares of Graco by 13,639.9% in the first quarter. BlackRock Inc. now owns 4,370,674 shares of the industrial products company’s stock worth $411,455,000 after buying an additional 4,338,864 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in shares of Graco by 168.2% in the first quarter. Parametric Portfolio Associates LLC now owns 649,333 shares of the industrial products company’s stock worth $61,128,000 after buying an additional 407,245 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Graco by 6.8% in the first quarter. Vanguard Group Inc. now owns 4,886,860 shares of the industrial products company’s stock worth $460,049,000 after buying an additional 309,685 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Graco by 36.5% in the first quarter. Bank of New York Mellon Corp now owns 940,408 shares of the industrial products company’s stock worth $88,531,000 after buying an additional 251,447 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Graco by 59.8% in the first quarter. Goldman Sachs Group Inc. now owns 652,883 shares of the industrial products company’s stock worth $61,463,000 after buying an additional 244,321 shares in the last quarter. Institutional investors own 90.97% of the company’s stock.

About Graco

Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.

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