Chevy Chase Trust Holdings LLC Raises Shares in Graco Inc. (NYSE:GGG)

Chevy Chase Trust Holdings LLC raised its stake in shares of Graco Inc. (NYSE:GGG – Free Report) by 15.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 30,646 shares of the industrial products company’s stock after acquiring an additional 4,032 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Graco were worth $2,430,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GGG. Vanguard Group Inc. lifted its position in Graco by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 17,229,664 shares of the industrial products company’s stock valued at $1,494,846,000 after buying an additional 144,146 shares during the period. PineStone Asset Management Inc. boosted its stake in Graco by 134.4% during the second quarter. PineStone Asset Management Inc. now owns 4,169,176 shares of the industrial products company’s stock valued at $330,532,000 after purchasing an additional 2,390,602 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Graco by 4.1% during the 4th quarter. Allianz Asset Management GmbH now owns 1,802,128 shares of the industrial products company’s stock valued at $156,353,000 after bought another 71,788 shares during the period. Norges Bank purchased a new position in shares of Graco in the 4th quarter valued at $152,941,000. Finally, TD Asset Management Inc raised its holdings in shares of Graco by 14.5% in the first quarter. TD Asset Management Inc now owns 1,440,378 shares of the industrial products company’s stock worth $134,618,000 after acquiring an additional 182,470 shares during the period. Hedge funds and other institutional investors own 93.88% of the company’s shares.

Graco stock fell 0.2%

Shares of GGG stock opened at $81.64 on Friday. The company’s 50-day moving average price is $80.66 and its 200-day moving average price is $84.93. The stock has a market cap of $13.81 billion, a P/E ratio of 28.15, a PEG ratio of 2.77 and a beta of 0.82. Graco Inc. has a twelve month low of $69.78 and a twelve month high of $94.77.

Graco (NYSE:GGG – Get Free Report ) last posted its quarterly earnings results on Wednesday, July 24th. The industrial products company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.01. The business had revenue of $553.20 million for the quarter, compared to the consensus estimate of $562.27 million. Graco had a net margin of 23.16% and a return on equity of 22.40%. The company’s revenue for the quarter was down 1.1% year over year. In the same quarter last year, the company earned $0.75 per share. On average, equities research analysts expect that Graco Inc. to post 2.98 earnings per share for the current fiscal year.

Graco announces dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 22nd were issued a $0.255 dividend. This represents an annualized dividend of $1.02 and a yield of 1.25%. The ex-dividend date was Monday, July 22. Graco’s dividend payout ratio is currently 35.17%.

Analysts on Wall Street are forecasting an increase

A number of research analysts have weighed in on the company. Royal Bank of Canada cut their price target on Graco from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. DA Davidson dropped their price objective on shares of Graco from $82.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Robert W. Baird cut their price target on shares of Graco from $87.00 to $86.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. StockNews.com downgraded shares of Graco from a “buy” rating to a “hold” rating in a research report on Wednesday, June 12th. Finally, William Blair reiterated a “market perform” rating on shares of Graco in a research note on Friday, April 26th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $86.80, according to MarketBeat.

Get our latest analysis on GGG

Graco Company 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 Contractor segment offers sprayers for applying paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings for roofs as well as markings on roads, parking lots, sports fields and floors.

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