Summit Financial LLC Acquires Shares of 2,600 Graco Inc. (NYSE:GGG)

Summit Financial LLC purchased a new stake in shares of Graco Inc. (NYSE:GGG) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,600 shares of the industrial products company’s stock, valued at approximately $219,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GGG. Disciplined Growth Investors Inc. MN increased its stake in Graco by 3.4% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 419,942 shares of the industrial products company’s stock valued at $36,749,000 after purchasing an additional 13,876 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of Graco by 32.0% during the fourth quarter. Allianz Asset Management GmbH now owns 1,545,846 shares of the industrial products company’s stock valued at $130,298,000 after acquiring an additional 374,967 shares in the last quarter. PineStone Asset Management Inc. raised its holdings in Graco by 2.7% in the 4th quarter. PineStone Asset Management Inc. now owns 2,904,681 shares of the industrial products company’s stock worth $244,836,000 after acquiring an additional 76,184 shares during the last quarter. Canoe Financial LP lifted its position in Graco by 359.2% in the 4th quarter. Canoe Financial LP now owns 640,474 shares of the industrial products company’s stock valued at $53,986,000 after acquiring an additional 501,003 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Graco by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,054,966 shares of the industrial products company’s stock worth $88,923,000 after purchasing an additional 19,545 shares in the last quarter. 93.88% of the stock is currently owned by institutional investors.

Graco Stock Down 5.6 %

Graco stock opened at $75.70 on Friday. The business has a 50-day simple moving average of $84.62 and a two-hundred day simple moving average of $85.56. Graco Inc. has a 52-week low of $75.64 and a 52-week high of $93.01. The company has a market cap of $12.73 billion, a P/E ratio of 26.84, a P/E/G ratio of 2.85 and a beta of 0.83.

Graco (NYSE:GGG) last announced its earnings results on Monday, January 27th. The industrial products company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.13). Graco had a net margin of 23.00% and a return on equity of 19.38%. Research analysts anticipate that Graco Inc. will post 3.06 EPS for the current fiscal year.

Graco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Monday, April 14th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, April 14th. This represents a $1.10 annualized dividend and a yield of 1.45%. Graco’s dividend payout ratio (DPR) is presently 39.01%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. BNP Paribas raised Graco from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Thursday, December 19th. Royal Bank of Canada raised their price target on shares of Graco from $93.00 to $97.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, DA Davidson set a $85.00 price target on shares of Graco in a research note on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $93.00.

Graco Company Profile

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.